Ida Sidha Karya Company is a family-owned company located in the village of Glanyar on the island of Ball in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold to a Canadian importer for $600. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Unit product cost $ $ $ $ 0 300 230 70 Unit product cost 180 270 60 20 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. $135,000 $ 52,500 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.

Ida Sidha Karya Company is a family-owned company located in the village of Glanyar on the island of Ball in Indonesia. The company produces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are sold to a Canadian importer for $600. Selected data for the company's operations last year follow: Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Unit product cost $ $ $ $ 0 300 230 70 Unit product cost 180 270 60 20 Required: 1. Assume that the company uses absorption costing. Compute the unit product cost for one gamelan. $135,000 $ 52,500 2. Assume that the company uses variable costing. Compute the unit product cost for one gamelan.

Name: Ida Sidha Karya Company is a family-owned company located in the vill
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Ida Sidha Karya Company is a family-owned company located in the village of Glanyar on the island of Ball in Indonesia. The companyproduces a handcrafted Balinese musical instrument called a gamelan that is similar to a xylophone. The gamelans are s

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $49 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 270-unit purchase at $54 per unit; the second was a 355-unit purchase at $56 per unit. During the period, it sold 500 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Weighted Average FIFO LIFO Cost of goods sold Ending inventory
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 100 units at $60 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 150-unit purchase at $68 per unit; the second was a 200-unit purchase at $72 per unit. During the period, it sold 270 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. Cost of goods sold Ending inventory FIFO LIFO Weighted Average
Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs was 180 units at $49 per unit. During the year, Cortez made two batch purchases of this chair. The first was a 265-unit purchase at $54 per unit; the second was a 390-unit purchase at $56 per unit. During the period, it sold 505 chairs. Required Determine the amount of product costs that would be allocated to cost of goods sold and ending inventory, assuming that Cortez uses a. FIFO. b. LIFO. c. Weighted average. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Cost of goods sold Ending inventory FIFO LIFO Weighted Average
Metlock Coffee Equipment sells European-style coffee makers and uses a periodic inventory system. Its inventory records show that at June 1, Metlock had 14 units on hand at a cost of $242 each. Transactions related to purchase and sale of coffee makers in June were as follows: Per Unit Date Transaction Units Cost Sales Price June 10 Sale 8 $548 15 Sale 5 $548 20 Purchase 6 $232 22 Purchase 4 $256 30 30 Sale 7 $516 For each of the following cost formulas, calculate the ending inventory at June 30 and the cost of goods sold for the month of June. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.25.) Ending inventory $ Cost of goods sold $ H - L FIFO +A $ Weighted Average +A $
Crane Marine Products began the year with 10 units of marine floats at a cost of $13.60 each. During the year, it made the following purchases: May 5, 30 units at $19.80; July 16, 15 units at $24.20; and December 7, 20 units at $29.50. Assuming there are 25 units on hand at the end of the period, determine the cost of goods sold under (a) FIFO, (b) LIFO, and (c) average-cost. Crane uses the periodic approach. FIFO LIFO Average-cost $ LA LA tA $ Cost of Goods Sold
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 Answer
Novak Corp. 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 unit 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 approach. Determine the cost of goods sold under LIFO:
Crane Company began the year with 8 units of marine floats at a cost of $10 each. During the year, it made the following purchases: May 5, 32 unit at $15; July 16, 15 units at $19; and December 7, 20 units at $23. Assume there are 25 units on hand at the end of the period. Crane uses the periodic approach. Determine the cost of goods sold under FIFO. FIFO Cost of good sold $ eTextbook and Media Determine the cost of goods sold under LIFO. LIFO Cost of good sold $ eTextbook and Media Calculate average unit cost. (Round answer to 2 decimal places, e.g. 5.12.) Average unit cost $ eTextbook and Media Determine the cost of goods sold under average-cost. Average-Cost Cost of good sold $
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use LIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.
L. Houts Plastics is a large manufacturer of injection-molded plastics in North Carolina. An investigation of the company's manufacturing facility in Charlotte yields the information presented in the table below. How would the plant classify these items according to an ABC classification system? (Round dollar volume to the nearest whole number and percentage of dollar volume to two decimal places.) L. Houts Plastics Charlotte Inventory Levels Item Code Avg. Value Inventory (units) ($/unit) Dollar Volume % of Dollar Volume 1289 420 3.50 2347 300 4.00 1,200 36.05 2349 120 2.50 300 9.01 2363 65 1.50 2394 60 1.75 105 3.15 2395 25 6782 7844 8210 8310 9111 222076 2.25 1.15 23 0.69 12 2.05 25 0.74 10 2.00 2.00 14 0.42 3.00 18 0.54 3,328
Sports Haven keeps an inventory of FITBIT Wearable Technology. Assume an inventory of 35 FitBits at the beginning of the year at a cost of $44.32 each. Additional FitBits were purchased as follows: 15 at $45.50 each on March 22, 30 at $45.80 each on May 2, 10 at $46.20 each on July 14, and 40 at $43.90 each on September 9. Use FIFO to determine the cost of the ending inventory. Assume 32 FitBits in inventory at the end of the year.
Ace Hardware Store sells two product categories, tools and paint products. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Net Realizable Value Tools: Hammers Saws Screwdrivers Paint products: 1-gallon cans Paint brushes 120 $ 5.50 $ 6.00 250 350 10.50 2.50 9.50 3.10 550 6.50 5.50 120 4.50 5.00 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or net realizable value (LCNRV) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Ace, record any necessary year-end adjusting entry for each of the LCNRV applications in requirement 1.