Labor 28‚000 Factory Overhead: Depreciation – Factory equipment P1‚000 Factory rent 2‚000 Factory insurance 500 Materials handling 1‚500 5‚000 Manufacturing cost P80‚000 2. (a) Decrease in finished goods inventory P35‚000 Add: Raw materials purchased P430‚000 Direct labor payroll 200‚000 Factory overhead 300‚000 930‚000 Total P965‚000 Less: Increase in raw materials inventory
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Question 1 1H- ($28‚800) 2H- $1619‚ 800 $93= 1‚619‚800 dollars $3 = (3dollars × 1‚619‚800 dollars)/ 93 dollars =52‚251.61 dollars The amount of profit increase as a result of the higher price of Kaufmann’s finished goods equals to 52‚251.61 dollars for the price change of 3 dollars. The finished goods price changed from 90 dollars to 93 dollars. Question 2(a) Actual Direct labour cost =4‚813‚000 dollars Budgeted Direct Labour cost= 4‚400‚000 dollars Variance = Actual Direct labour cost - Budgeted
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complex than retailing because it involve production as well as selling and administration * The emphasis is on the gathering of costs and the recording of expenses. Cost and decision making * Inventory valuation‚ the cost of manufacturing finished goods and goods still in production needs to be determined so that these costs can be used in preparing the income statement and balance sheet. * Profit determination‚ calculation of cost of sales is not possible without first determining the
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direct material‚ direct labor‚ and overhead equal to 60% of direct labor cost) 686 Cost of goods available for sale 826 Selling and Administrative expenses 25 Inventories Beginning Ending Raw Material $75 $ 85 Work in Process 80 30 Finished Goods 90 110 ____ 1. Refer to Mitchell Company. The cost of raw material purchased during the year was a. $316. b. $336. c. $360. d. $411. ____ 2. Refer to Mitchell Company. Direct labor cost charged to production during the year
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forecasts are reliable‚ the company should not lower its price for a lead test in 2012. 6-17 Sales and production budget. Budgeted sales in units 200‚000 Add target ending finished goods inventory 25‚000 Total requirements 225‚000 Deduct beginning finished goods inventory 15‚000 Units to be produced 210‚000 6-18 Direct materials purchases budget. Direct materials to be used in production (bottles) 2‚500‚000 Add target ending
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or modifying an older one. If the project is finished one month early‚ the quantitative risk really does not exist. It is basically comparable to completing the project on time. Since the project is quoted at 3 million dollars it will stay the same regardless of how fast the project is finished. However‚ you may see differences. When you rush a project this large you could possibly cut corners or receive poor quality results. If the project is finished two months late there are additional risks. If
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Purchases 400‚000 Material used for manufacturing 380‚000 1-1-2008 20‚000 Direct materials 380‚000 Transferred to finished goods 940‚000 12-31-2008 50‚000 Direct manuf. Labor 360‚000 Manuf. overhead allocated 480‚000 12-31-2008 300‚000 Finished Goods Control Cost of Goods Sold 1-1-2008 10‚000 Transferred in from WIP 940‚000 Cost of goods sold 900‚000 Finished goods sold 900‚000 12-31-2008 50‚000 Manufacturing Overhead Control Manufacturing Overhead Allocated Manufacturing overhead
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The Fresh Connection Decision based description of core version 2012. Content Purchasing .................................................................................................................................. 5 Agreements ............................................................................................................................ 5 Payment term (weeks) ................................................................................................ 5 Trade unit .
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product is called to be manufactured‚ then it is called a job. Once the job is ordered‚ the manufacturing company must go through a flow of steps to complete the job. The flow of a job order cost system is as followed: materials‚ work in progress‚ finished goods‚ and cost of goods sold. At the start of the job order cost system is materials. Materials‚ or more accurately direct materials‚ are the main items used in building the job. A receiving report must be made when the materials are received
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January 1 $ 22‚000 Plus purchases 183‚000 Merchandise available for sale $ 205‚000 Less merchandise inventory‚ January 31 17‚000 Cost of goods sold $ 188‚000 E1-4 Finished goods‚ July 1 $ 85‚000 Plus cost of goods manufactured 343‚000 Finished goods available for sale $ 428‚000 Less finished goods‚ July 31 93‚000 Cost of goods sold $ 335‚000 E1-5 Selling & Direct Direct Factory Admin. Items Materials Labor Overhead Expense a. Steel used in an overhead
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