88%(41)36 out of 41 people found this document helpful
This preview shows page 6 - 10 out of 10 pages.
Identify Kaylin, Joseph, and Leo as line or staff.Decision makingKaylin and J oseph are line managers while Leo is staff.
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.LeMansCompany Statement of Cost of GoodsManufactured For the Month ofJune Direct materials: Beginning inventory $64900Add: Purchases 348500Materials available $413400Less: Ending inventory 65500Direct materials used in production $347900Direct labor 131000Manufacturing overhead 366000Total manufacturing costs added $844900Add: Beginning work in process 33800
Show All FeedbackHide2.Prepare a cost of goods sold schedule for June.Show All FeedbackProblem 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:
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 FeedbackCorrectCheck My Work Feedback1.See Cornerstone 2.22.See Cornerstone 2.13.See Cornerstone 2.1Hide4.Prepare a cost of goods manufactured statement for last year.
For LastYear Direct materials used $272000Direct labor 140000Overhead 300000Total manufacturing cost $712000Add: Beginning work in process 124000Less: Ending work in process 130000Cost of goods manufactured $706000Hide FeedbackCorrectCheck My Work FeedbackSee Cornerstone 2.2Calculate the unit product cost. If required, round your answer to the nearest cent.$Hide FeedbackCorrectCheck My Work Feedback7.06