Sims Company, a manufacturer of tablet computers, began operations on January 1, 2017. Its cost and sales information for this year follows. Manufacturing costs Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead Selling and administrative costs for the year Variable Fixed Production and sales for the year Units produced Units sold Sales price per unit $ $2,200,000 $8,800,000 35 per unit 55 per unit $ 775,000 $4,500,000 $ 110,000 units 80,000 units 360 per unit 1. Prepare an income statement for the year using variable costing.
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- Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?X Co. Ltd. produces three types of products A, B and C and keeps accounts for Process I, Process II and Process III. Following statements show the relative importance of each type of product in each process : Process I Points Process II Points Process III Points Product A Product B 2 4 2 4 2 1 Product C 8 3 2 Costs for each process for March, 2019 are as follows : Process I Process II $ 9,000 3,000 5,100 Process III $ 9,000 1,800 2,400 Total Materials Labour Overheads 12,000 4,200 3,000 $ 30,000 9,000 10,500 19,200 17,100 13,200 49,500 Production during the period : Product A 600 units ; Product B 300 units ; Product C 900 units. You are required to- (a) prepare a statement showing weighted average production for each process and (b) compute the cost for each type of product.The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021 March 31, 2021 Direct Materials P36,000 P30,000 Work in process 18,000 12,000 Finished Goods 54,000 72,000 Additional information for the month of March 2021: Direct materials purchased P84,000 Direct manufacturing labor payroll 60,000 Direct manufacturing labor rate per hour 7.50 Factory overhead rate per direct labor hour 10.00
- The following cost incurred by Lucky corporation for October 2019 were as follows: Direct Materials used, P20,000 Indirect materials used, P1,000 Direct labor, P9,000 Indirect labor, P5,000 Other factory cost, P5,000 Selling expenses,P10,000 Administrative expenses, P12,000 Question: How much is the total product cost? a. P62,000 b. P50,000 c. P29,000 d. P40,000 Plz answer fast without plagiarism and don't copy answer plzCost incurred: Direct labor cost Rs. 70,000 Purchases of raw materials 165,000 Manufacturing overhead 85,000 Selling & administrative expenses 142,000 Sales 450,000 Beginning of End of the Year the year Inventories: Raw materials Rs. 8,000 13,000 Work in process 16,000 21,000 Finished goods 40,000 60,000 Prepare a schedule of cost of goods manufactured. Prepare the cost of goods sold section and Income statement of Fast company for the year 2019.Practice: The following data are taken from the accounting records of Gregory Mfg. Co.: 2019 2018 Ending inventories: Materials $ 100,000 $80,000 Work in Process $64,000 $56,000 Finished Goods $140,000 $170,000 Manufacturing goods: Direct materials used $657,000 Direct labor costs charged to production $270,000 Manufacturing Overhead $378,000 Show All Calculations: Outline a schedule of cost of goods manufactured for 2019 in good form The company generally prices products adding 20% to the cost of goods sold. Determine the total revenue the company would have generated in 2019.
- The following cost data pertains to DEF Inc. for December 31st, 2022: Ending Raw Materials Inventory: Beginning Work-in-Process: Ending Work-in-Process: Direct Materials Used: Direct Costs Incurred in Production: Indirect costs incurred in Production: Beginning Finished Goods Inventories: Ending Finished Goods Inventories: Sales: Selling and Administrative Expenses: Applied Overhead for the period: $50,000 $30,000 $15,000 $20,000 $40,000 $40,000 $40,000 $20,000 $190,000 $40,000 $40,000 The cost of goods sold for 2022 is $115,000 x. $137,000 $175,000 $135,000The following information relates to the activities of the production department of Will Smith Sdn Bhd for the month of March 2019: Production Department Order Number 123 Direct materials consumed 120,000 20 Direct wages 180,000 25 Overhead chargeable 150,000 Direct labor hours worked 30,000 5 Machine hours operated 10,000 2 The company adds a margin of 50 per cent to the total production cost of specific units in order to cover administration expenses and to provide a profit. Required: a) Calculate the total selling price of order number 123 if overhead is absorbed using the following methods of overhead absorption: I. Direct labor hours II. Machine hours b) State which of the two methods you would recommend for the production department.АСTIVITY: Problem 1: Cost of Goods Manufactured (page 10-11) In addition to the year-end statement of financial position and income statement, the management of Esterlina Gevera Company required the controller to prepare the statement of cost of goods manufactured. During 2019, P361,920 of Raw materials were purchased. Operating cost data and inventory account balances for 2019 follows: Direct labor (10,430 hours at P9.50 per hour) Plant Supervision Indirect labor (20,280 hours at P6.25 per hour) Factory Insurance Factory Utilities Depreciation-Factory Building Depreciation-Factory Utilities Manufacturing Supplies Repairs and Maintenance Selling and Administrative Expenses Raw Materials Inventory, Jan. 1, 2019 Work in Process Inventory, Jan. 1, 2019 P 99,085 42,500 126,750 8,100 29,220 46,200 62,800 9,460 14,980 76,480 26,490 101,640 148,290 24,910 100,400 141,100 Finished Goods Inventory, Jan. 1, 2019 Raw Materials Inventory, Dec. 31, 2019 Work in Process Inventory, Dec. 31, 2019…
- Calif Corp provided the following information during the year 2024: Sales (1200 units)) Current year's production (1,500 units) Direct materials P720,000 P100/unit Direct Labor P200/unit Manufacturing overhead (505fixed; 50% 40% of directlabor variable) Selling, general and administrative expenses Fixed P80,000 P60,000 Variable Task - Determine the operating income and ending inventories under the following: 1. Full costing 2. Variable costing 3. Throughput costingInformation about Hannah Industries for the month ending December 31, 2019, is as follows:Sales $450,000Cost of goods sold 329,000Net operating income 22,000 Beginning inventories:Direct materials 70,000Work in process 28,000Finished goods 90,000 Ending direct materials is 10 percent smaller than beginning direct materials. Ending work inprocess is 75 percent of the beginning work in process. Ending finished goods increased by $15,000during the year. Prime costs and conversion costs are 60 percent and 80 percent of totalmanufacturing costs added, respectively. Assume no income taxes or indirect materials. Required:a. Prepare a statement of cost of goods manufactured for December. b. Prepare an absorption income statement for December. c. Calculate prime costs. d. Calculate conversion costs.Comprehensive problem on unit costs, product costs. Atlanta 0office Equipment manufactures and selis metal shelving. It began operations on January 1, 2017. Costs incurred for 2017 are as follows (V stands for variable; Fstands for fixed): $140,000 V 22,000 V 5,000 V 18,000 V 14,000 F 8,000 V 26,000 F 120,000 V 43,000 F 54,000F Direct materials used Direct manufacturing labor costs Plant energy costs Indirect manufacturing labor costs Indirect manufacturing labor costs Other indirect manufacturing costs Other indirect manufacturing costs Marketing, distribution, and customer-service costs Marketing, distribution, and customer-service costs Administrative costs Variable manufacturing costs are variable with respect to units produced. Variable marketing, distribution, and customer-service costs are variable with respect to units sold. Inventory data are as follows: Ending: December 31, 2017 2,300 Ibs O units 7 units Beginning: January 1, 2017 Direct materials O units O units Work in…