Planning and control Decision making Costing of service Costing of an activity

Planning and control decision making costing of

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Identify Kaylin, Joseph, and Leo as line or staff.Decision makingKaylin and J oseph are line managers while Leo is staff.
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Exercise 2.15 (Algorithmic)Cost of Goods Manufactured and SoldLeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant:Direct materials inventory$64,900Work-in-process inventory33,800Finished goods inventory59,900During June, direct labor cost was $131,000, direct materials purchases were $348,500, and the total overhead cost was $366,000. The inventories at the end of June were:Direct materials inventory$65,500Work-in-process inventory37,400Finished goods inventory55,300Required:Hide1.Prepare a cost of goods manufactured statement for June. LeMans Company Statement of Cost of Goods Manufactured For the Month of June Direct materials: Beginning inventory $ 64900 Add: Purchases 348500 Materials available $ 413400 Less: Ending inventory 65500 Direct materials used in production $ 347900 Direct labor 131000 Manufacturing overhead 366000 Total manufacturing costs added $ 844900 Add: Beginning work in process 33800
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Show All Feedback Hide 2.Prepare a cost of goods sold schedule for June. Show All Feedback Problem 2.28Cost Assignment MethodsBrody Company makes industrial cleaning solvents. Various chemicals, detergent, and water are mixedtogether and then bottled in 10-gallon drums. Brody provided the following information for last year:
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Last year, Brody completed 100,000 units. Sales revenue equaled $1,200,000, and Brody paid a sales commission of 5 percent of sales.Required:1.Calculate the direct materials used in production for last year. 2.Calculate total prime cost. 3.Calculate total conversion cost. Hide Feedback Correct Check My Work Feedback 1. See Cornerstone 2.2 2. See Cornerstone 2.1 3. See Cornerstone 2.1 Hide 4.Prepare a cost of goods manufactured statement for last year.
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For Last Year Direct materials used $ 272000 Direct labor 140000 Overhead 300000 Total manufacturing cost $ 712000 Add: Beginning work in process 124000 Less: Ending work in process 130000 Cost of goods manufactured $ 706000 Hide Feedback Correct Check My Work Feedback See Cornerstone 2.2 Calculate the unit product cost. If required, round your answer to the nearest cent. $ Hide Feedback Correct Check My Work Feedback 7.06
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