Fundamentals Of Cost Accounting (6th Edition)
6th Edition
ISBN: 9781259969478
Author: WILLIAM LANEN, Shannon Anderson, Michael Maher
Publisher: McGraw Hill Education
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Textbook Question
Chapter 2, Problem 76P
Finding Unknowns
BS&T Partners has developed a new hubcap with the model name Spinnin’ Wheel. Production and sales started August 3. As of August 2, there were no direct materials in inventory. Data for the month of August include the following:
a Unit cost based on units produced in August.
b Unit cost based on units sold in August.
Required
Complete the table.
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Students have asked these similar questions
The following data refer to the month of May for Bonita Components. Fill in the blanks.
Direct materials inventory, May 1
Direct materials inventory, May 31
Work-in-process inventory, May 1
Work-in-process inventory, May 31
Finished goods inventory, May 1
Finished goods inventory. May 31
Purchases of direct materials
Cost of goods manufactured during the month
Total manufacturing costs
Cost of goods sold
Gross margin
Direct labor
Direct materials used
Manufacturing overhead
Sales revenue
3,900
4,000
5,200
2,800
500
25,000
87,000
89,300
22,000
20,500
108,000
BS&T Partners has developed a new hubcap with the model name Spinnin' Wheel. Production and sales started August 3. As of
August 2, there were no direct materials in Inventory. Data for the month of August include the following
Required:
Complete the following table. (Round intermediate calculations to 2 decimal places.)
Direct labor cost per unit
Direct labor-hours worked, August
Direct labor wage rate per direct labor-hour
Direct materials cost per unit
Direct materials cost per pound of direct material
Direct materials inventory (cost), August 31
Direct materials inventory (pounds), August 31
Finished goods inventory (cost), August 31
Finished goods inventory (units), August 31
Manufacturing overhead cost per unit
Operating profit, August
Production (units), August
Sales revenue, August
Sales (units), August
Sales price per unit
Selling, general, and administrative costs per unit
F
$
$
$
$
$
$
$
$
$
$
11.00
20.00
9.75
19.00
10,260
33,000
20.50
66,600
710,400
16.75
hours
pounds
units…
Morning Company reports the following information for March:
E (Click the icon to view the data.)
Read the requirements.
Requirement 1. Calculate the gross profit and operating income for March using absorption costing.
Morning Company
Income Statement (Absorption Costing)
For the Month Ended March 31
Data Table
Net Sales Revenue
67,850
Variable Cost of Goods Solłd
19,300
Operating income
Fixed Cost of Goods Sold
8,400
Variable Selfing and Administrative Costs
16,500
Requirements
Fixed Selling and Administrative Costs
3,800
1. Calculate the gross profit and operating income for March using absorption
costing.
2. Calculate the contribution margin and operating income for March using
variable costing.
Print
Done
Chapter 2 Solutions
Fundamentals Of Cost Accounting (6th Edition)
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