Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead 28,000 units 16,800 units $ 12 per unit $ 14 per unit $ 3 per unit Fixed overhead $140,000 in total MC Qu. 19-96 Given Advanced Company's data, and the... en Advanced Company's data, and the knowledge that the product is sold for $59 per unit and operating expenses are $230,000, compute the net income under variable costing. Multiple Choice $235,600 $113,680 $134,000

Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead 28,000 units 16,800 units $ 12 per unit $ 14 per unit $ 3 per unit Fixed overhead $140,000 in total MC Qu. 19-96 Given Advanced Company's data, and the... en Advanced Company's data, and the knowledge that the product is sold for $59 per unit and operating expenses are $230,000, compute the net income under variable costing. Multiple Choice $235,600 $113,680 $134,000

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 22E: Ellerson Company provided the following information for the last calendar year: During the year,...

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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.
The following information was extracted from the accounting records of Winslow Limited for the month ended31 March 2022:Inventory on 01 March 2022 NilProduction 60 000 unitsSales 48 000 unitsSelling price per unit R180Direct materials cost R40Direct labour cost R30Variable manufacturing overheads R10Fixed manufacturing overheads R600 000 per monthAdvertising and salaries R80 000 per monthSales personnel’s commission 5% of salesAdministration costs including salaries R120 000 per monthOther administration costs R12 per unit sold Use the information provided below to prepare the Income Statement of Winslow Limited for themonth ended 31 March 2022 using each of the following methods: Variable costing and Absorption costing
An excerpt from the last year’s final annual report ofKalamia manufacturing company reported the informationprovided in the table.Compute (a) inventory turnover and (b) weeks of supply,assuming an annual operation of 50 weeks and the cost of goodssold was €5,000,000. CATEGORY PART NO. AVERAGEINVENTORY UNIT VALUEUNITS € Raw materials RSI - 1 200 3RSI - 2 50 2RSI - 3 300 1RSI - 4 100 3, 5 Work-in-process CSI - 1 50 10CSI - 2 250 15 Finished goods FJ - 1 890 70FJ - 2 2000 77FJ - 3 870 90
Required information [The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year 36,000 units 21,600 units 20 per unit 22 per unit Direct materials Direct labor Variable overhead $ 3 per unit Fixed overhead $180,000 in total Given Advanced Company's data, and the knowledge that the product is sold for $72 per unit and operating expenses are $310,000, compute the net income under variable costing. Multiple Choice $317,200 $226,800 $72,000
Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 25,000 units Units sold this year 15,000 units Direct materials $8 per unit Direct labor $10 per unit Variable overhead $3 per unit Fixed overhead $50,000 in total Variable selling and administrative $5 per unit Fixed selling and administrative $20,000 in total Selling price $60 Given Advanced Company's data, compute the dollar amount of contribution margin using variable costing? THERE SEEMS TO BE A LOT OF CONFLICTING ANSWERS ON CHEGG FOR THIS QUESTION, PLEASE LOOK AT CAREFULLY
ABC Manufacturing has the following account balances at the beginning of the current year: Raw Materials Inventory P57,500; WIP Inventory P172,500; and Finished Goods Inventory P138,000. Additional information during January: - Purchased of Raw Materials: On account P230,000.00; Cash P92,000.00; and - Issuance of Raw Materials to the production department, 10% are indirect materials P207,000.00. Which of the following is the amount of the direct materials used? Select the correct response: P174,800.00 P184,000.00 P186,300.00 P201,250.00
Merder Ihc had the folowing informaton for the preceding year. Beginning Ending Inventory Inventory (1/1) (12/31) Rark in Process Inventory $ 22 $ 35,000 Finisbed Goods Inventory $ 72 $ 30,000 Additoral information for the jear is as follows Direct materials used $200,000 Direct labor $150,000 Yamfacturing overhead applied $160,000 Cost of goods manufactured $525,000 $54,00 Cost of goods sold What was the begirning Work in Process Inventory balance on 1?
Belle Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units Produced this year 20,000 units sold this year 12,000 Direct Materials $12 per unit Direct Labor $14 per unit Variable overhead $3 per unit Fixed Overhead $90,000 Belle Company's product is sold for $59 per unit. Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $200,000 per year. Compute the net income under absorption costing.
Gage Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead 105,000 units 78,000 units $ 29 per unit $ 31 per unit $ 3 per unit $ 918,750 in total Given Belle Company's data, compute cost of finished goods in inventory under variable costing. O $1,224,000 $3,060,000 $1,836,000 $2,646,000 $1,701,000
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CURRENT COST ACCOUNTINGProblem 38. WWW had the following transactions for the current year with respect to its inventory: On January 1, the entity purchased 50,000 units at P100 per unit. During the year, the entity sold 40,000 units at P180 per unit. The entity paid P700,000 for operating expenses. The current replacement cost of the inventory on December 31 is P150 per unit.Required: Based on the result of your audit, determine the following:1. What is the realized holding gain on inventory for 2010?2. What is the unrealized holding gain on inventory for 2010?3. What is the cost of sales to be reported under current cost accounting?.
A 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