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    Horngren's Cost Accounting. A Managerial Emphasis 17ed ch2 Problem For Self-Study

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    Irakli Ambroladze
    This document contains financial information for a manufacturing company, including costs of materials, labor, inventory levels, revenues, and expenses. It shows the company had $1,360,000 in revenues for the year. Cost of goods sold was $910,000, resulting in a gross profit of $450,000. Operating expenses totaled $330,000, giving an operating income of $120,000. Manufacturing costs for the year were $964,000.

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    Horngren's Cost Accounting. A Managerial Emphasis 17ed ch2 Problem For Self-Study

    Uploaded by

    Irakli Ambroladze
    256 views3 pages
    This document contains financial information for a manufacturing company, including costs of materials, labor, inventory levels, revenues, and expenses. It shows the company had $1,360,000 in revenues for the year. Cost of goods sold was $910,000, resulting in a gross profit of $450,000. Operating expenses totaled $330,000, giving an operating income of $120,000. Manufacturing costs for the year were $964,000.

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    Horngren's Cost Accounting. A Managerial Emphasis 17ed ch2 Problem for self-study

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    This document contains financial information for a manufacturing company, including costs of materials, labor, inventory levels, revenues, and expenses. It shows the company had $1,360,000 in revenues for the year. Cost of goods sold was $910,000, resulting in a gross profit of $450,000. Operating expenses totaled $330,000, giving an operating income of $120,000. Manufacturing costs for the year were $964,000.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    256 views3 pages

    Horngren's Cost Accounting. A Managerial Emphasis 17ed ch2 Problem For Self-Study

    Uploaded by

    Irakli Ambroladze
    This document contains financial information for a manufacturing company, including costs of materials, labor, inventory levels, revenues, and expenses. It shows the company had $1,360,000 in revenues for the year. Cost of goods sold was $910,000, resulting in a gross profit of $450,000. Operating expenses totaled $330,000, giving an operating income of $120,000. Manufacturing costs for the year were $964,000.

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    © All Rights Reserved
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    Sandpaper $ 2,000 $ 2,000.

    00
    Materials-handling costs 70,000 $ 70,000.00
    Lubricants and coolants 5,000 $ 5,000.00
    Miscellaneous indirect manufacturing labor 40,000 $ 40,000.00
    Direct manufacturing labor 300,000 $ 300,000.00
    Direct materials inventory, January 1, 2020 40,000 $ 40,000.00
    Direct materials inventory, December 31, 2020 50,000 $ 50,000.00
    Finished-goods inventory, January 1, 2020 100,000 $ 100,000.00
    Finished-goods inventory, December 31, 2020 150,000 $ 150,000.00
    Work-in-process inventory, January 1, 2020 10,000 $ 10,000.00
    Work-in-process inventory, December 31, 2020 14,000 $ 14,000.00
    Plant-leasing costs 54,000 $ 54,000.00
    Depreciation—plant equipment 36,000 $ 36,000.00
    Property taxes on plant equipment 4,000 $ 4,000.00
    Fire insurance on plant equipment 3,000 $ 3,000.00
    Direct materials purchased 460,000 $ 460,000.00
    Revenues 1,360,000 $ 1,360,000.00
    Marketing promotions 60,000 $ 60,000.00
    Marketing salaries 100,000 $ 100,000.00
    Distribution costs 70,000 $ 70,000.00
    Customer-service costs 100,000 $ 100,000.00

    units produces 900,000.00


    direct material cost of each unit $ 0.50
    plant-leasing cost per unit $ 0.06

    units produces 1,000,000.00


    direct material cost of each unit $ 0.50
    plant-leasing cost per unit $ 0.054
    Revenues $ 1,360,000.00
    Cost of goods sold:
    Beginning finished goods inventory, January 1, 2020 $ 100,000.00
    Cost of goods manufactured (see Panel B) 104,000 $ 960,000.00
    Cost of goods available for sale 126,000 $ 1,060,000.00
    Ending finished goods inventory, December 31, 2020 18,000 $ 150,000.00
    Cost of goods sold 108,000 $ 910,000.00
    Gross margin (or gross profit) 102,000 $ 450,000.00
    Operating (period) costs:
    R&D, design, mktg., dist., and cust.-service cost $ 330,000.00
    Total operating costs 70,000 $ 330,000.00
    Operating income 32,000 $ 120,000.00

    Direct materials:
    Beginning inventory, January 1, 2020 $ 11,000 $ 40,000.00
    Purchases of direct materials 73,000 $ 460,000.00
    Cost of direct materials available for use 84,000 $ 500,000.00
    Ending inventory, December 31, 2020 8,000 $ 50,000.00
    Direct materials used $ 76,000 $ 450,000.00
    Direct manufacturing labor 9,000 $ 300,000.00
    Manufacturing overhead costs:
    Sandpaper $ 2,000.00 v
    Materials-handling costs $ 70,000.00 v
    Lubricants and coolants $ 5,000.00 v
    Miscellaneous Indirect manufacturing labor $ 40,000.00 v
    Plant-leasing costs $ 54,000.00 F
    Property taxes on plant equipment $ 4,000.00 F
    Fire insurance on plant equipment $ 3,000.00 F
    Depreciation—plant equipment 3,000 $ 36,000.00 F
    Total manufacturing overhead costs 20,000 $ 214,000.00
    Manufacturing costs incurred during 2020 $ 964,000.00
    Beginning work-in-process inventory, January 1, 2020 $ 10,000.00
    Total manufacturing costs to account for $ 974,000.00
    Ending work-in-process inventory, December 31, 2020 $ 14,000.00
    Cost of goods manufactured (to income statement) $ 960,000.00
    v
    v

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