Get Answer please with definition A review of accounting records for last year disclosed the following selected information:Variable costs:Direct materials used48,000Direct labor165,000Manufacturing overhead 95,000Selling costsFixed costs:86,000Manufacturing overhead 250,000Selling costs100,000Administrative costs223,000In addition, the company suffered a $15,200 uninsured factory fire loss during the year.What were the product costs and period costs for last year?

Product costs are all the manufacturing costs (variable and fixed) incurred in the year.So product…

Answered: A review of accounting records for last…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter1: Introduction To Managerial Accounting

Section: Chapter Questions

Problem 2CMA

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Last year, Orsen Company produced 25,000 juicers and sold 26,500 juicers for 60 each. The actual variable unit cost is as follows: Fixed overhead was 320,000. Fixed selling expenses consisted of advertising copayments totaling 110,000. Fixed administrative expenses were 236,000. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was 148,000 for 4,000 juicers. The value of ending inventory reported on the financial statements was Refer to the information in 2.24. The gross margin percentage for last year was a. 12.57% b. 55.67% c. 28.95% d. 38.33%
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?
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. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity has found that its total annual overhead costs can be represented by the following formula: Overhead cost = 543,000 + 1.34X, where X equals number of smokers. Last year, SmokeCity produced 20,000 smokers. Actual overhead costs for the year were as expected. Required: 1. What is the driver for the overhead activity? 2. What is the total overhead cost incurred by SmokeCity last year? 3. What is the total fixed overhead cost incurred by SmokeCity last year? 4. What is the total variable overhead cost incurred by SmokeCity last year? 5. What is the overhead cost per unit produced? 6. What is the fixed overhead cost per unit? 7. What is the variable overhead cost per unit? 8. Recalculate Requirements 5, 6, and 7 for the following levels of production: (a) 19,500 units and (b) 21,600 units. (Round your answers to the nearest cent.) Explain this outcome.
Costs incurred by Carla Manufacturing Corporation during the year are presented in the table below. Compute for the Total Product Cost.* P 245,000 250,000 176,000 Direct materials Indirect materials Direct labor 111,000 74,000 58,000 Indirect labor Factory utilities Advertising costs 112,000 93,000 Sales commissions Depreciation on administration building Salaries of administrative personnel Depreciation- delivery equipment Overtime pay- factory workers Rework cost on defective products Discovered during quality inspection 220,000 42,000 31,500 22,500
A review of Plunkett Corporation's accounting records for last year disclosed the following selected Variable costs Direct materials used $ 56,000 Direct labor $179,100 Manufacturing overhead $154,000 Selling costs $108,400 Fixed costs Manufacturing overhead $267,000 Selling costs $121,000 Administrative costs $235,900 In addition, the company suffered a $27,700 uninsured factory fire loss during the year. What were Plunkett's product costs and period costs for last year
A partial listing of costs incurred at SueBelle Corporation during October appears below: Direct Materials $195,000 Utilities, Factory $9,000 Sales Commission $75,000 Administrative Salaries $113,000 Indirect Labor $30,000 Advertising $119,000 Depreciation of Production Equipment $28,000 Direct Labor $105,000 Depreciation of Administrative Equipment $44,000 Based on the information provided, answer the following questions: What is the total amount of product cost listed above? What is the total amount of period cost listed above?
Last year, Buckner & Jones Company incurred the following costs: Direct materials $42,000 Direct labor 63,000 Manufacturing overhead 104,500 Selling expenses 25,200 Administrative expenses 23,100 Buckner & Jones produced and sold 2,060 units at a sales price of $131.25 each. Assume that beginning and ending inventories of materials, work in process, and finished goods were zero. The total product costs were:
The followung cost data relate to the manufacturing activities of the Kamas Company during the most recent year. Fcatory overhead costs incurred during the year: Property taxes- factory P1,600 Utilities- factory 2,600 Indirect labor 5,100 Depreciation- factory 13,000 Insurance- factory 2,500 Total ACtual FOH costs P24,800 Other costs incurred during the year: Purchase of raw materials P15,000 Direct labor cost 22,000 Inventories: Raw materials, beginning P5,000 Raw materials, ending 4,400 Work-in process,beginning 3,500 Work-in process, ending 4,500 The company uses a predetermined overhead rate to charge overhead cost to production. Th erate for the year just completed wa P4.00 per machine- hour; a total of 6,000 machine- hours were recorded for the year.…
During September of the current year, Reyes Company purchased P3,500,000 raw materials. During the month, Reyes incurred P2,040,000 direct labor cost and applied 80% of direct labor cost. During the same month, there were changes in inventories as follows: Increase in raw materials P100,000; Decrease in work in process P150,000 and decrease in finished goods P75,000. What is the amount of cost of goods sold? a.P7,147,000 b.P7,297,000 c.P6,922,000 d.P7,422,000
Required information [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used $173,000 Direct labor 324,000 During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: Raw material $226,000 Work in process 16,000 Finished goods 30,000 Required: 1. Prepare T-accounts to show the flow of costs through the company's manufacturing accounts during 20x2. Raw-Material Inventory Work-in-Process Inventory Beg. Bal. Beg. Bal. Direct material Direct labor Manufacturing overhead End. Bal. End. Bal. Wages Payable Manufacturing Overhead Beg. Bal. Beg. Bal. End. Bal. End. Bal. Finished-Goods Inventory Sales Revenue Beg. Bal. Beg. Bal. End. Bal. End.…
Required information [The following information applies to the questions displayed below.] Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used $173,000 Direct labor 324,000 During 20x2, manufacturing overhead of $170,000 was applied to production. Products costing $121,000 were finished, and products costing $132,000 were sold on account for $195,000. There were no purchases of raw material during the year. The beginning balances in the firm's inventory accounts are as follows: $226,000 16,000 Raw material Work in process Finished goods 30,000 2. Prepare a partial balance sheet and a partial income statement to reflect the information given above. Complete this question by entering your answers in the tabs below. Balance Sheet Income Stmt Prepare a partial balance sheet. REIMEL FURNITURE COMPANY, INC. Partial Balance Sheet As of December 31, 20x2 Inventory: Raw material $ 53,000 Work in process Finished goods

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