Question 1 Figure 2-1. Concam Inc. manufactures television sets. Last month dire
ID: 2436168 • Letter: Q
Question
Question 1
Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.
Refer to Figure 2-1: The per-unit conversion cost was:
Answer
a
$218.75
b
$156.25
c
$162.50
d
$100.00
Question 2
Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.
Refer to Figure 2-1: The total product costs for last month were:
Answer
a
$1,750,000
b
$2,110,000
c
$1,300,000
d
$1,250,000
Question 3
Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.
Refer to Figure 2-1: The total per unit prime cost was:
Answer
a
$263.75
b
$62.50
c
$162.50
d
$156.25
Question 4
Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.
Refer to Figure 2-1: What was the amount of cost of goods manufactured last month?
Answer
a
$1,750,000
b
$1,250,000
c
$1,300,000
d
$2,110,000
Question 5
During the month of June, Telecom Inc. had cost of goods manufactured of $112,000, direct materials cost of $52,000, direct labor cost of $37,000 and overhead cost of $26,000. The Work in Process balance at June 30 equaled $10,000.
What was the Work in Process balance on June 1?
Answer
a
$7,000
b
$13,000
c
$10,000
d
$115,000
Question 6
Lakeland, Inc. manufactured 5,000 units during the month of March. They incurred direct materials cost of $100,000 and overhead cost of $40,000.
If their per-unit prime cost was $26.00 per unit how much direct labor cost did they incur during March?
Answer
a
$20,000
b
$35,000
c
$90,000
d
$30,000
Question 7
Figure 2-3.
Bartlow, Inc. had the following Income Statement for the month of May.
Sales Revenue
$428,000
Cost of Goods Sold
205,440
Gross Margin
222,560
Less:
Selling Expenses
81,320
Administrative Expenses
72,760
Operating Income
$ 68,480
Refer to Figure 2-3: What was the sales revenue percent?
Answer
a
100%
b
48%
c
52%
d
16%
Question 8
Figure 2-3.
Bartlow, Inc. had the following Income Statement for the month of May.
Sales Revenue
$428,000
Cost of Goods Sold
205,440
Gross Margin
222,560
Less:
Selling Expenses
81,320
Administrative Expenses
72,760
Operating Income
$ 68,480
Refer to Figure 2-3: What was the cost of goods sold percent?
Answer
a
100%
b
19%
c
52%
d
48%
Question 9
Figure 2-4.
Junko Company makes typewriters. During the year Junko manufactured 97,000 typewriters. Finished Goods Inventory had the following units on hand:
January 1
1,260
December 31
1,040
Refer to Figure 2-4: How many typewriters did Junko sell during the year?
Answer
a
96,780
c
97,220
c
97,000
d
98,260
Question 10
Figure 2-5.
In July, Econo Company purchased materials costing $21,000 and incurred direct labor cost of $18,000. Overhead totaled $32,000 for the month. Information on inventories was as follows:
July 1
July 31
Materials
$6,200
$7,100
Work in Process
$ 700
$1,200
Finished Goods
$3,300
$2,700
Refer to Figure 2-5: What was the cost of direct materials used in July?
Answer
a
$21,000
b
$20,100
c
$21,900
d
$20,500
Figure 2-1.
Concam Inc. manufactures television sets. Last month direct materials (electronic components, etc.) costing $500,000 were put into production. Direct labor of $800,000 was incurred, overhead equaled $450,000, and selling and administrative costs totaled $360,000. The company manufactured 8,000 television sets during the month. Assume that there were no beginning or ending work in process balances.
Refer to Figure 2-1: The per-unit conversion cost was:
Answer
a
$218.75
b
$156.25
c
$162.50
d
$100.00
Explanation / Answer
1. Per unit conversion cost=( Direct labour + Direct Overhead )/Total units purchased
The per-unit conversion cost was: $156.25
2. Total Product Cost = Direct maretial + Direct labour + Direct overhead
The total product costs for last month were: $1,750,000
3. Per unit prime cost = ( Direct Material + Direct labour )/Total units purchased
The total per unit prime cost was $162.50
4.The amount of cost of goods manufactured last month :$1,750,000
5.Work in progress at the beginning= cost of goods manufactured + work in progress at the end - cost of production= $112,000 + $10,000 - ($52,000 + $26000 + $37,000) = $7,000
6.direct labor cost incuredr during March=
Prime cost per unit =( Direct Material + Direct labour )/Total units purchased
$26 = ($100,000 + X )/ 5000
x= $30,000
7.Sales Revenue Percent is 100%
8.Cost of good sold percent is 48%
cost of good sold/sales *100
9.Typewriter sold during the year = Openimg Inventory + manufactured during the year - closing inventory
= 1260 + 97000 -1040 =97220 typerwriters
10.Direct material used during the year= Material purchased + opening direct material - Closing material
= $21000 + $6200 - $7100 = $20100
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