California Orchards reports the following sales data for the year ended December 31. Grade of Walnuts Number 1 Number 2 Number 3 Total Sales $ 490, 500 381, 500 218,000 $ 1,090,000 The company incurred the following joint costs for the year. Tree pruning and care $ 708,500 Pickup, sorting, and grading 141, 700
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- Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.Materials used, P326,000. Total manufacturing costs charged to production during the year (including direct materials, direct labor, and factory overhead applied at the rate of 60% of direct labor cost), P686,000. Cost of goods available for sale, P826,000. Selling and general expenses, P25,000. 1.What is the amount of direct materials purchased during the year? 2.What is the total conversion cost? 3.What is the direct labor costs charged to production during the year? 4.How much is the total prime cost? 5.The following selected information pertains to Top Gun Manufacturing Inc.: Direct materials of P625,000, indirect materials of P125,000, direct labor of P750,000, indirect labor of P112,500, and factory overhead (not including indirect materials and indirect labor) of P375,000. How much is the conversion cost.All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
- Direct materials purchased during the year amount to $517,800, and the cost of goods sold for the year was $1,895,000. Prepare a cost of good sold statement.The year-end financial statement of Wando's Vineyards reported Net revenues of $19,425,412 and Cost of goods sold of $7,204,884 in year 2. Note 3 to the financial statements reported that Inventories consisted of: Year 2 Year 1 Winemaking and packaging materials $899,620 $759,321 Work-in-process 7,297,415 6,664,571 Finished goods 4,970,687 4,271,816 Total inventories $13,167,722 $11,695,708 The inventory turnover for Year 2 was: Select one: a. 0.62 b. 0.55 c. 0.58 d. None of these are correct. e. 1.56Hernando Manufacturing, Inc. reported the following information for the year: Number of Units Produced $152,000 Number of Units Sold 62,000 Cost of Goods Manufactured 268,000 Cost of Goods Sold 52,900 Sales Revenue 130,000 Gross Profit 72,940 Operating Expense 727,000 What was the unit product cost? (Round your answer to the nearest cent.) A. $1.76 B. $0.85 C. $0.86 D. $4.32
- Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Novak Marine Products began the year with 8 units of marine floats at a cost of $11 each. During the year, it made the following purchases: May 5, 34 units at $16; July 16, 17 units at $21; and December 7, 22 units at $25. Assume there are 29 units on hand at the end of the period. Novak uses the periodic system. (a) Determine the cost of goods sold under FIFO. Cost of good sold $ eTextbook and Media Save for Later Attempts: 0 of 3 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c1) The parts of this question must be completed in order. This part will be available when you complete the part above. (c2) The parts of this question must be completed in order. This part will be available when you complete the part above. Submit AnswerA company reports the following information for the current year: Units Produced (25,000)< Units Sold (15,000), DM ($9 per unit), DL ($11 per unit), VOH (total $75,000) and FOH (total $137,500). Compute the cost of finished goods in inventory under absorption costing a. $427,500 O b. $285,000 O c. $230,000 O d. $712,500
- The beginning and ending finished goods inventories of the Prize Ring manufacturing company were $92,000 and $85,750 respectively. If cost of goods sold equaled $76,200, what is the amount of cost of goods manufactured for this period? O $6,250 O $69,950 O $82,450 O $101,550 O $253,950 Question 6 nformation for Gifford, Inc., as of December 31 follows: Administrative salaries Depreciation of factory equipment F2 $ 35,000 25,000Bonita Industries reported the following year-end information: beginning work in process inventory, S72000; cost of goods manufactured, S670000; beginning finished goods inventory, $42000; ending work in process inventory, S62000; and ending finished goods inventory, $32000. How much is Bonita's cost of goods sold for the year? A. S660000 B. $680000 C. $690000 D. $670000Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation. $24,324,000 2,975,000 12,600,000 10,550,000 2,875,000 3,445,000 Annual sales Net income Cost of goods sold Total assets Inventory Receivables The Midwest Outdoor Equipment Corporation has entered into a new contract with a major supplier of raw materials used in the manufacturing process. Under the new arrangement, called vendor managed inventory, the supplier manages its raw material inventory inside the manufacturer's plant and bills only the manufacturer when the manufacturer consumes the raw material. This is expected to reduce total assets by $2 million. What is the expected change in return on assets? Note: Round your answer to 2 decimal places. Expected change in return on assets %