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| 1. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larden Corporation for the just-completed year. Sales $950 Purchases of raw materials $170 Direct labor $210 Manufacturing overhead$220 Administrative expenses $180 Selling expenses $140 Raw materials inventory, beginning $70 Raw materials inventory, ending $80 Work-in-process inventory, beginning $30 Work-in-process inventory, ending $20 Finished goods inventory, beginning $100 Finished goods inventory, ending $70Required: Prepare a Schedule of Cost of Goods Manufactured statement in the text box below. |
| Question 2. Percentage Completed Units Materials ConversionWork in process, June 1 80,000 65% 45%Work in process, Jun 30 65,000 75% 65%The department started 325,000 units into production during the month and transferred 340,000 completed units to the next department.Required: Compute the equivalent units of production for the first department for June, assuming that the company uses the weighted-average method of accounting for units and costs. |
| Question 3.Tons of cement produced and sold 220,000Sales revenue $924,000Variable manufacturing expense $297,000Fixed manufacturing expense $280,000Variable selling and admin expense $165,000Fixed selling and admin expense $82,000Net operating income $100,000Required:a. Calculate the company’s unit contribution margin.b. Calculate the company’s contribution margin ratio.c. If the company increases its unit sales volume by 5% without increasing its fixed expenses, what would the company’s net operating income be? |
| Question 4.Selling price $ 175 Units in beginning inventory 0Units produced 9,500Units sold 8,000Units in ending Inventory 1,500 Variable costs per unit: Direct materials $ 55Direct labor $ 38Variable manufacturing overhead $ 2Variable selling and admin $ 10 Fixed costs: Fixed manufacturing overhead $ 300,000Fixed selling and admin $ 125,000Required:a. What is the unit product cost for the month under variable costing?b. What is the unit product cost for the month under absorption costing?c. Prepare an income statement for the month using the variable costing method.d. Prepare an income statement for the month using the absorption costing method. |
