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Manufacturing Income Statement, Statement of Cost of Goods Manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:
| On Company |
Off Company |
|||
| Materials inventory, December 1 | $85,960 | $110,890 | ||
| Materials inventory, December 31 | (a) | 125,310 | ||
| Materials purchased | 218,340 | (a) | ||
| Cost of direct materials used in production | 230,370 | (b) | ||
| Direct labor | 324,070 | 249,500 | ||
| Factory overhead | 100,570 | 124,200 | ||
| Total manufacturing costs incurred in December | (b) | 717,460 | ||
| Total manufacturing costs | 820,050 | 984,700 | ||
| Work in process inventory, December 1 | 165,040 | 267,240 | ||
| Work in process inventory, December 31 | 139,260 | (c) | ||
| Cost of goods manufactured | (c) | 710,800 | ||
| Finished goods inventory, December 1 | 145,270 | 124,200 | ||
| Finished goods inventory, December 31 | 152,150 | (d) | ||
| Sales | 1,267,050 | 1,108,900 | ||
| Cost of goods sold | (d) | 717,460 | ||
| Gross profit | (e) | (e) | ||
| Operating expenses | 165,040 | (f) | ||
| Net income | (f) | 246,180 | ||
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
| Letter | On Company | Off Company |
| a. | $ | $ |
| b. | $ | $ |
| c. | $ | $ |
| d. | $ | $ |
| e. | $ | $ |
| f. | $ | $ |
2. Prepare On Company's statement of cost of goods manufactured for December.
| On Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended December 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Total manufacturing costs incurred during December | |||
| Total manufacturing costs | $ | ||
| $ | |||
3. Prepare On Company's income statement for December.
| On Company | ||
| Income Statement | ||
| For the Month Ended December 31 | ||
| $ | ||
| Cost of goods sold: | ||
| $ | ||
| $ | ||
| $ | ||
| $ | ||
In: Accounting
Variable Costing Income Statement and Contribution Margin Analysis for a Service Company
The actual and planned data for Underwater University for the Fall term were as follows:
| Actual | Planned | |||
| Enrollment | 4,500 | 4,125 | ||
| Tuition per credit hour | $120 | $135 | ||
| Credit hours | 60,450 | 43,200 | ||
| Registration, records, and marketing cost per enrolled student | $275 | $275 | ||
| Instructional costs per credit hour | $64 | $60 | ||
| Depreciation on classrooms and equipment | $825,600 | $825,600 | ||
Registration, records, and marketing costs vary by the number of enrolled students, while instructional costs vary by the number of credit hours. Depreciation is a fixed cost.
a. Prepare a variable costing income statement showing the contribution margin and income from operations for the Fall term.
| Underwater University | |
| Variable Costing Income Statement | |
| For the Fall Term | |
| Revenue | $ |
| Variable costs: | |
| Registration, records, and marketing cost | $ |
| Instructional costs | |
| Total variable costs | $ |
| Contribution margin | $ |
| Depreciation on classrooms and equipment | |
| Income from operations | $ |
b. Prepare a contribution margin analysis report comparing planned with actual performance for the Fall term. If an amount is zero, enter "0".
| Underwater University | ||
| Contribution Margin Analysis | ||
| For the Fall Term | ||
| Planned contribution margin | $ | |
| Effect of change in revenue: | ||
| Revenue quantity factor | $ | |
| Unit price factor | ||
| Total effect of change in revenue | ||
| Effect of changes in registration, records, and marketing costs: | ||
| Variable cost quantity factor | $ | |
| Unit cost factor | ||
| Total effect of changes in registration, records, and marketing costs | ||
| Effect of changes in instructional costs: | ||
| Variable cost quantity factor | $ | |
| Unit cost factor | ||
| Total effect of changes in instructional cost | ||
| Actual contribution margin | $ | |
In: Accounting
Manufacturing Income Statement, Statement of Cost of Goods Manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.
| On Company |
Off Company |
|||
| Materials inventory, December 1 | $66,910 | $84,310 | ||
| Materials inventory, December 31 | (a) | 95,270 | ||
| Materials purchased | 169,950 | (a) | ||
| Cost of direct materials used in production | 179,320 | (b) | ||
| Direct labor | 252,250 | 189,700 | ||
| Factory overhead | 78,280 | 94,430 | ||
| Total manufacturing costs incurred in December | (b) | 545,490 | ||
| Total manufacturing costs | 638,320 | 748,680 | ||
| Work in process inventory, December 1 | 128,470 | 203,190 | ||
| Work in process inventory, December 31 | 108,390 | (c) | ||
| Cost of goods manufactured | (c) | 540,430 | ||
| Finished goods inventory, December 1 | 113,080 | 94,430 | ||
| Finished goods inventory, December 31 | 118,430 | (d) | ||
| Sales | 986,250 | 843,100 | ||
| Cost of goods sold | (d) | 545,490 | ||
| Gross profit | (e) | (e) | ||
| Operating expenses | 128,470 | (f) | ||
| Net income | (f) | 187,170 | ||
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
| Letter | On Company | Off Company |
| a. | $ | $ |
| b. | $ | $ |
| c. | $ | $ |
| d. | $ | $ |
| e. | $ | $ |
| f. | $ | $ |
2. Prepare On Company's statement of cost of goods manufactured for December.
| On Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended December 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Total manufacturing costs incurred during December | |||
| Total manufacturing costs | $ | ||
| $ | |||
3. Prepare On Company's income statement for December.
| On Company | ||
| Income Statement | ||
| For the Month Ended December 31 | ||
| $ | ||
| Cost of goods sold: | ||
| $ | ||
| $ | ||
| $ | ||
| $ | ||
In: Accounting
Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:
| On Company |
Off Company |
|||
| Materials inventory, December 1 | $66,040 | $89,810 | ||
| Materials inventory, December 31 | (a) | 101,490 | ||
| Materials purchased | 167,740 | (a) | ||
| Cost of direct materials used in production | 176,990 | (b) | ||
| Direct labor | 248,970 | 202,070 | ||
| Factory overhead | 77,270 | 100,590 | ||
| Total manufacturing costs incurred in December | (b) | 581,070 | ||
| Total manufacturing costs | 630,030 | 797,510 | ||
| Work in process inventory, December 1 | 126,800 | 216,440 | ||
| Work in process inventory, December 31 | 106,980 | (c) | ||
| Cost of goods manufactured | (c) | 575,680 | ||
| Finished goods inventory, December 1 | 111,610 | 100,590 | ||
| Finished goods inventory, December 31 | 116,890 | (d) | ||
| Sales | 973,430 | 898,100 | ||
| Cost of goods sold | (d) | 581,070 | ||
| Gross profit | (e) | (e) | ||
| Operating expenses | 126,800 | (f) | ||
| Net income | (f) | 199,380 | ||
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
| Letter | On Company | Off Company |
| a. | $ | $ |
| b. | $ | $ |
| c. | $ | $ |
| d. | $ | $ |
| e. | $ | $ |
| f. | $ | $ |
2. Prepare On Company's statement of cost of goods manufactured for December.
| On Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended December 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Total manufacturing costs incurred during December | |||
| Total manufacturing costs | $ | ||
| $ | |||
3. Prepare On Company's income statement for December.
| On Company | ||
| Income Statement | ||
| For the Month Ended December 31 | ||
| $ | ||
| Cost of goods sold: | ||
| $ | ||
| $ | ||
| $ | ||
| $ | ||
In: Accounting
Manufacturing Income Statement, Statement of Cost of Goods Manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:
|
On Company |
Off Company |
|||
|
Materials inventory, December 1 |
$85,810 |
$117,560 |
||
|
Materials inventory, December 31 |
(a) |
132,840 |
||
|
Materials purchased |
217,960 |
(a) |
||
|
Cost of direct materials used in production |
229,970 |
(b) |
||
|
Direct labor |
323,500 |
264,510 |
||
|
Factory overhead |
100,400 |
131,670 |
||
|
Total manufacturing costs incurred in December |
(b) |
760,610 |
||
|
Total manufacturing costs |
818,630 |
1,043,930 |
||
|
Work in process inventory, December 1 |
164,760 |
283,320 |
||
|
Work in process inventory, December 31 |
139,010 |
(c) |
||
|
Cost of goods manufactured |
(c) |
753,560 |
||
|
Finished goods inventory, December 1 |
145,020 |
131,670 |
||
|
Finished goods inventory, December 31 |
151,880 |
(d) |
||
|
Sales |
1,264,840 |
1,175,600 |
||
|
Cost of goods sold |
(d) |
760,610 |
||
|
Gross profit |
(e) |
(e) |
||
|
Operating expenses |
164,760 |
(f) |
||
|
Net income |
(f) |
260,980 |
||
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
|
Letter |
On Company |
Off Company |
|
a. |
$ |
$ |
|
b. |
$ |
$ |
|
c. |
$ |
$ |
|
d. |
$ |
$ |
|
e. |
$ |
$ |
|
f. |
$ |
$ |
2. Prepare On Company's statement of cost of goods manufactured for December.
|
On Company |
|||
|
Statement of Cost of Goods Manufactured |
|||
|
For the Month Ended December 31 |
|||
|
$ |
|||
|
Direct materials: |
|||
|
$ |
|||
|
$ |
|||
|
$ |
|||
|
Total manufacturing costs incurred during December |
|||
|
Total manufacturing costs |
$ |
||
|
$ |
|||
3. Prepare On Company's income statement for December.
|
On Company |
||
|
Income Statement |
||
|
For the Month Ended December 31 |
||
|
$ |
||
|
Cost of goods sold: |
||
|
$ |
||
|
$ |
||
|
$ |
||
|
$ |
||
In: Accounting
Manufacturing Income Statement, Statement of Cost of Goods Manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.
| On Company |
Off Company |
|||
| Materials inventory, December 1 | $88,730 | $118,010 | ||
| Materials inventory, December 31 | (a) | 133,350 | ||
| Materials purchased | 225,370 | (a) | ||
| Cost of direct materials used in production | 237,800 | (b) | ||
| Direct labor | 334,510 | 265,520 | ||
| Factory overhead | 103,810 | 132,170 | ||
| Total manufacturing costs incurred in December | (b) | 763,520 | ||
| Total manufacturing costs | 846,480 | 1,047,920 | ||
| Work in process inventory, December 1 | 170,360 | 284,400 | ||
| Work in process inventory, December 31 | 143,740 | (c) | ||
| Cost of goods manufactured | (c) | 756,440 | ||
| Finished goods inventory, December 1 | 149,950 | 132,170 | ||
| Finished goods inventory, December 31 | 157,050 | (d) | ||
| Sales | 1,307,880 | 1,180,100 | ||
| Cost of goods sold | (d) | 763,520 | ||
| Gross profit | (e) | (e) | ||
| Operating expenses | 170,360 | (f) | ||
| Net income | (f) | 261,980 | ||
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
| Letter | On Company | Off Company |
| a. | $ 76,300 | $ |
| b. | $676,120 | $ |
| c. | $702,740 | $ |
| d. | $695,649 | $ |
| e. | $648,240 | $ |
| f. | $377,880 | $ |
Prepare On Company's statement of cost of goods manufactured for December.
| On Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended December 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Total manufacturing costs incurred during December | |||
| Total manufacturing costs | $ | ||
| $ | |||
3. Prepare On Company's income statement for December.
| On Company | ||
| Income Statement | ||
| For the Month Ended December 31 | ||
| $ | ||
| Cost of goods sold: | ||
| $ | ||
| $ | ||
| $ | ||
| $ | ||
In: Accounting
Manufacturing Income Statement, Statement of Cost of Goods Manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December.
| On Company |
Off Company |
|||
| Materials inventory, December 1 | $61,540 | $84,310 | ||
| Materials inventory, December 31 | (a) | 95,270 | ||
| Materials purchased | 156,310 | (a) | ||
| Cost of direct materials used in production | 164,930 | (b) | ||
| Direct labor | 232,010 | 189,700 | ||
| Factory overhead | 72,000 | 94,430 | ||
| Total manufacturing costs incurred in December | (b) | 545,490 | ||
| Total manufacturing costs | 587,100 | 748,680 | ||
| Work in process inventory, December 1 | 118,160 | 203,190 | ||
| Work in process inventory, December 31 | 99,690 | (c) | ||
| Cost of goods manufactured | (c) | 540,430 | ||
| Finished goods inventory, December 1 | 104,000 | 94,430 | ||
| Finished goods inventory, December 31 | 108,930 | (d) | ||
| Sales | 907,100 | 843,100 | ||
| Cost of goods sold | (d) | 545,490 | ||
| Gross profit | (e) | (e) | ||
| Operating expenses | 118,160 | (f) | ||
| Net income | (f) | 187,170 | ||
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
| Letter | On Company | Off Company |
| a. | $ | $ |
| b. | $ | $ |
| c. | $ | $ |
| d. | $ | $ |
| e. | $ | $ |
| f. | $ | $ |
2. Prepare On Company's statement of cost of goods manufactured for December.
| On Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended December 31 | |||
| Work in process inventory, December 1 | $ | ||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Total manufacturing costs incurred during December | |||
| Total manufacturing costs | $ | ||
| $ | |||
3. Prepare On Company's income statement for December.
| On Company | ||
| Income Statement | ||
| For the Month Ended December 31 | ||
| $ | ||
| Cost of goods sold: | ||
| $ | ||
| $ | ||
| $ | ||
| $ | ||
In: Accounting
Manufacturing Income Statement, Statement of Cost of Goods Manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December:
| On Company |
Off Company |
|||
| Materials inventory, December 1 | $57,740 | $75,060 | ||
| Materials inventory, December 31 | (a) | 84,820 | ||
| Materials purchased | 146,660 | (a) | ||
| Cost of direct materials used in production | 154,740 | (b) | ||
| Direct labor | 217,680 | 168,890 | ||
| Factory overhead | 67,560 | 84,070 | ||
| Total manufacturing costs incurred in December | (b) | 485,640 | ||
| Total manufacturing costs | 550,840 | 550,840 | ||
| Work in process inventory, December 1 | 110,860 | 180,890 | ||
| Work in process inventory, December 31 | 93,540 | (c) | ||
| Cost of goods manufactured | (c) | 481,130 | ||
| Finished goods inventory, December 1 | 97,580 | 84,070 | ||
| Finished goods inventory, December 31 | 102,200 | (d) | ||
| Sales | 851,090 | 750,600 | ||
| Cost of goods sold | (d) | 485,640 | ||
| Gross profit | (e) | (e) | ||
| Operating expenses | 110,860 | (f) | ||
| Net income | (f) | 166,630 | ||
Required:
1. Determine the amounts of the missing items, identifying them by letter. Enter all amounts as positive numbers.
| Letter | On Company | Off Company |
| a. | $ | $ |
| b. | $ | $ |
| c. | $ | $ |
| d. | $ | $ |
| e. | $ | $ |
| f. | $ | $ |
2. Prepare On Company's statement of cost of goods manufactured for December.
| On Company | |||
| Statement of Cost of Goods Manufactured | |||
| For the Month Ended December 31 | |||
| $ | |||
| Direct materials: | |||
| $ | |||
| $ | |||
| $ | |||
| Total manufacturing costs incurred during December | |||
| Total manufacturing costs | $ | ||
| $ | |||
3. Prepare On Company's income statement for December.
| On Company | ||
| Income Statement | ||
| For the Month Ended December 31 | ||
| $ | ||
| Cost of goods sold: | ||
| $ | ||
| $ | ||
| $ | ||
| $ | ||
In: Accounting
Landen Corporation uses a job-order costing system. At the beginning of the year, the company made the following estimates:
| Direct labor-hours required to support estimated production | 65,000 | |
| Machine-hours required to support estimated production | 32,500 | |
| Fixed manufacturing overhead cost | $ | 195,000 |
| Variable manufacturing overhead cost per direct labor-hour | $ | 1.20 |
| Variable manufacturing overhead cost per machine-hour | $ | 2.40 |
During the year, Job 550 was started and completed. The following information is available with respect to this job:
| Direct materials | $ | 250 |
| Direct labor cost | $ | 318 |
| Direct labor-hours | 15 | |
| Machine-hours | 5 | |
Required:
1. Assume that Landen has historically used a plantwide predetermined overhead rate with direct labor-hours as the allocation base. Under this approach:
a. Compute the plantwide predetermined overhead rate.
b. Compute the total manufacturing cost of Job 550.
c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?
2. Assume that Landen’s controller believes that machine-hours is a better allocation base than direct labor-hours. Under this approach:
a. Compute the plantwide predetermined overhead rate.
b. Compute the total manufacturing cost of Job 550.
c. If Landen uses a markup percentage of 200% of its total manufacturing cost, what selling price would it establish for Job 550?
(Round your intermediate calculations to 2 decimal places. Round your Predetermined Overhead Rate answers to 2 decimal places and all other answers to the nearest whole dollar.)
In: Accounting
Schedule of Cost of Goods Manufactured and
Sold
At December 31,2016, the end of its fiscal year, Kelly Metal
Products Corporation collected the following data for 2016
| Materials inventory, January 1 | $128,000 |
| Materials inventory, December 31 | 88,000 |
| Work in process inventory, January 1 | 136,000 |
| Work in process inventory, December 31 | 180,000 |
| Finished goods inventory, January 1 | 84,000 |
| Finished goods inventory, December 31 | 72,000 |
| Net delivered cost of materials purchased | 840,000 |
| Direct labor | 540,000 |
| Indirect material | 52,000 |
| Indirect labor | 100,000 |
| Factory supplies used | 48,000 |
| Factory depreciation | 312,000 |
| Factory repairs and maintenance | 112,000 |
| Selling expenses (total) | 252,000 |
| Non-factory administrative expenses (total) | 228,000 |
Prepare a schedule of cost of goods manufactured and sold for Kelly Metal Products Corporation for the year ended December 31,2016, assuming that there were no other manufacturing overhead items than those listed above.
Do not use negative signs with any of your answers.
| Direct material: | |||||
|
Beginning materials inventory:
|
|||||
In: Accounting