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a. Determine the total amount of product cost (cost of goods Direct materials inventory $48,500
manufactured) and period cost incurred during August 2010. Work in process inventory 10,000
b. Compute the cost of goods sold for August 2010. Finished goods inventory 10,075
Direct materials inventory $15,900 were sold for $8 each. The actual unit cost per camera produced during the
Work in process inventory 6,050 year is as follows:
Finished goods inventory 8,475
Direct materials $2.25
a. Prepare a cost of goods manufactured statement for November. Direct labor 1.50
b. Prepare a cost of goods sold schedule for November. Variable overhead 0.65
Fixed overhead 0.70
Problem 4. Comprehensive Total unit cost $5.10
Huebert Company provided the following information for last year:
Research and development expenses amounted to $70,000. The selling
Beginning inventories: expenses consisted of a commission of $0.25 per unit sold and advertising
Direct materials $52,700 payments totalling $36,000. Administrative expenses, all fixed, equalled
Work in process 25,000 $83,000. There were no beginning and ending work-in-process
Finished goods 75,000 inventories. Beginning finished goods inventory was $30,600 for 6,000
cameras.
Ending inventories:
Direct materials $ 42,700 a. Calculate the number of cameras in ending finished goods
Work in process 50,000 inventory and their costs.
Finished goods 140,000 b. Prepare a cost of goods sold statement for last year.
c. Prepare an income statement for last year.
During the year, direct materials purchases amounted to $270,000, direct
labor cost was $304,000, and overhead cost was $506,000. During the year, Problem 6. Income statement
25,000 units were completed. Thomson Company, a manufacturing firm, has supplied the following
information from its accounting records for the last calendar year:
a. Calculate the total cost of direct materials used in production. Direct labor cost $371,500
b. Calculate the cost of goods manufactured. Calculate the unit Purchases of direct materials 160,400
manufacturing cost. Freight-in on materials 1,000
c. Calculate the cost of goods sold. Factory supplies used 37,800
d. Of the unit manufacturing cost calculated in Requirement 2, Factory utilities 46,000
assume $11 is direct materials and $12 is direct labor. What is the Commissions paid 80,000
prime cost per unit? Conversion cost per unit? Factory supervision and indirect labor 190,000
Advertising 23,900
Problem 5. Income statement Material handling 26,750
Photo-Dive, Inc., manufactures disposable underwater cameras. During the Work in process inventory, January 1 201,000
last calendar year, a total of 270,000 cameras were made, and 274,000 Work in process inventory, December 31 98,000
Direct materials inventory, January 1 47,000