Quiz 18: Introductionto Managerialaccounting
Business
Q 1Q 1
Ethics and professional conduct in business
H. Jeckel Manufacturing Company allows employees to purchase, at cost, manufacturing materials, such as metal and lumber, for personal use. To purchase materials for personal use, an employee must complete a materials requisition form, which must then be approved by the employee's immediate supervisor. Fred Rubble, an assistant cost accountant, charges the employee an amount based on H. Jeckel's net purchase cost.
Fred Rubble is in the process of replacing a deck on his home and has requisitioned lumber for personal use, which has been approved in accordance with company policy. In computing the cost of the lumber, Fred reviewed all the purchase invoices for the past year. He then used the lowest price to compute the amount due the company for the lumber.
Discuss whether Fred behaved in an ethical manner.
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Ethics and Professional Conduct in Business The professional ethics encompass various standards set by the people best in business. It involves personal, social and ethical benchmarks being accepted globally. F.R., the cost accountant of H.J. Manufacturing Company did not behave in an ethical manner by ordering the lumber for making a desk for an employee of the company. The desk will not be used by the company but is being ordered on behalf of the company. Now the company is due for the lumber ordered by the employee. So, the company incurs loss for the amount it has to pay for the lumber that is not used by it. Mr. F. used company's funds in a manipulative manner which is a violation of professional and ethical code of conduct. In such a case, there shall be unwanted loss in the books. The company's management should, in this situation, impose a strict control over the employees of the company with regard to the manipulation of company's funds and accounting statements.
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Q 3Q 3
Classifying costs as materials, labor, or factory overhead
Indicate whether each of the following costs of an automobile manufacturer would be classified as direct materials cost, direct labor cost, or factory overhead cost:
a. Steering wheel
b. Salary of test driver
c. Depreciation of welding equipment
d. V8 automobile engine
e. Wages of assembly line worker
f. Steel used in body
g. Tires
h. Assembly machinery lubricants
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Direct material The cost of raw materials which form an integral part of the finished product and also a significant portion of the total product cost is called direct material costs. Direct labor The cost of salaries and wages which form an integral part of the finished product and also a significant portion of the total product cost is called direct labor costs. Factory overheads Factory overheads are all indirect costs associated in the manufacture of a product or service providence. Factory overheads do not form an integral part of the finished product and also do not form a significant portion of the total product cost. Factory overheads are otherwise called factory burden or manufacturing overhead Costs related to automobile manufacturer a) Steering wheel is an example of direct material because all automobiles use steering wheels hence it forms an integral part of the automobile and also forms a significant portion of the total product cost. b) Salary of a test driver is an example of factory overhead because their salary for cost of test driving the automobile does not form an integral part of the automobile and does not form a significant portion of the total product cost. c) Depreciation of the welding equipment is an example of factory overhead because it is an expense that has to be allocated over the total administration expenses and it does not form an integral part of the automobile and does not form a significant portion of the total product cost. d) V8 automobile engine is an example of direct material because all automobiles use steering wheels hence it forms an integral part of the automobile and also forms a significant portion of the total product cost. e) Wages of an assembly line worker are an example of direct labor because the salary for assembling of the automobile does not forms an integral part of the automobile and forms a significant portion of the total product cost. f) Steel is an example of direct material because automobiles are made up of steel and aluminum hence it forms an integral part of the automobile and also forms a significant portion of the total product cost. g) Tires are an example of direct material because automobiles use tires hence it forms an integral part of the automobile and also forms a significant portion of the total product cost. h) Assembly machinery lubricants is a factory overhead because the cost of the lubricant used in assembling of the automobile does not form an integral part of the magazine and does not form a significant portion of the total product cost.
Q 4Q 4
Management process
Three phases of the management process are controlling, planning, and decision making. Match the following descriptions to the proper phase.
Three phases of the management process are planning, directing, and controlling. Match the following descriptions to the proper phase.
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Q 5Q 5
Classifying costs
The following is a list of costs that were incurred in the production and sale of boats:
a. Memberships for key executives in the Bass World Association.
b. Cost of electrical wiring for boats.
c. Wood paneling for use in interior boat trim.
d. Annual bonus paid to top executives of the company.
e. Legal department costs for the year.
f. Salary of shop supervisor.
g. Salary of president of company.
h. Fiberglass for producing the boat hull.
i. Cost of normal scrap from defective hulls.
j. Oil to lubricate factory equipment.
k. Special advertising campaign in Bass World.
l. Masks for use by sanders in smoothing boat hulls.
m. Hourly wages of assembly line workers.
n. Decals for boat hull, the cost of which is immaterial to the cost of the final product.
o. Salary of chief financial officer.
p. Power used by sanding equipment.
q. Straight-line depreciation on factory equipment.
r. Cost of boat for "grand prize" promotion in local bass tournament.
s. Canvas top for boats.
t. Commissions to sales representatives, based upon the number of boats sold.
u. Yearly cost of the maintenance contract for robotic equipment.
v. Steering wheels.
w. Cost of metal hardware for boats, such as ornaments and tie-down grasps.
x. Boat chairs.
y. Annual fee to pro-fisherman Bill Tennessee to promote the boats.
z. Cost of paving the headquarters employee parking lot.
Instructions
Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the following tabular headings for your answer, placing an "X" in the appropriate column.
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Q 6Q 6
Classifying costs
The following is a list of costs that were incurred in the production and sale of lawn mowers:
a. Tires for lawn mowers.
b. Plastic for outside housing of lawn mowers.
c. Salary of factory supervisor.
d. Property taxes on the factory building and equipment.
e. License fees for use of patent for lawn mower blade, based on the number of lawn mowers produced.
f. Cost of advertising in a national magazine.
g. Salary of quality control supervisor who inspects each lawn mower before it is shipped.
h. Cash paid to outside firm for janitorial services for factory.
i. Attorney fees for drafting a new lease for headquarters offices.
j. Premiums on insurance policy for factory buildings.
k. Cost of boxes used in packaging lawn mowers.
l. Steel used in producing the lawn mowers.
m. Paint used to coat the lawn mowers, the cost of which is immaterial to the cost of the final product.
n. Commissions paid to sales representatives, based on the number of lawn mowers sold.
o. Payroll taxes on hourly assembly line employees.
p. Gasoline engines used for lawn mowers.
q. Hourly wages of operators of robotic machinery used in production.
r. Straight-line depreciation on the robotic machinery used to manufacture the lawn mowers.
s. Factory cafeteria cashier's wages.
t. Maintenance costs for new robotic factory equipment, based on hours of usage.
u. Telephone charges for company controller's office.
v. Electricity used to run the robotic machinery.
w. Steering wheels for lawn mowers.
x. Salary of vice president of marketing.
y. Engine oil used in mower engines prior to shipment.
z. Filter for spray gun used to paint the lawn mowers.
Instructions
Classify each cost as either a product cost or a period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the following tabular headings for your answer, placing an "X" in the appropriate column.
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Q 7Q 7
Financial vs. managerial accounting
The following statement was made by the vice president of finance of The Muppet Company: "The managers of a company should use the same information as the shareholders of the firm. When managers use the same information in guiding their internal operations as shareholders use in evaluating their investments, the managers will be aligned with the stockholders' profit objectives."
Respond to the vice president's statement.
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Q 8Q 8
Differentiate between a department with line responsibility and a department with staff responsibility.
b. In an organization that has a Sales Department and a Personnel Department, among others, which of the two departments has (1) line responsibility and (2) staff responsibility
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Q 9Q 9
Classifying costs as materials, labor, or factory overhead
Indicate whether the following costs of Colgate-Palmolive Company , a maker of consumer products, would be classified as direct materials cost, direct labor cost, or factory overhead cost:
a. Maintenance supplies
b. Wages of production line employees
c. Depreciation on production machinery
d. Resins for soap and shampoo products
e. Plant manager salary for the Clarksville, Indiana, soap plant
f. Packaging materials
g. Depreciation on the Morristown, Tennessee, toothpaste plant
h. Wages paid to Packaging Department employees
i. Scents and fragrances
j. Salary of process engineers
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Q 10Q 10
Direct materials, direct labor, and factory overhead
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacturer.
a. Wages of employees that operate painting equipment
b. Wages of the plant supervisor
c. Steel
d. Oil used for assembly line machinery
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for a magazine publisher.
a. Staples used to bind magazines
b. Wages of printing machine employees
c. Maintenance on printing machines
d. Paper used in the magazine
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Q 11Q 11
Classifying costs
The following is a list of costs incurred by several businesses:
a. Rent for a warehouse used to store work in process and finished products.
b. Depreciation of copying machines used by the Marketing Department.
c. Maintenance costs for factory equipment.
d. Fees charged by collection agency on past-due customer accounts.
e. Surgeon's fee for heart bypass surgery.
f. Cost of 30-second television commercial.
g. Telephone charges by president's office.
h. Travel costs of marketing executives to annual sales meeting.
i. Cost of plastic for a telephone being manufactured.
j. Pens, paper, and other supplies used by the Accounting Department in preparing various managerial reports.
k. Charitable contribution to United Fund.
l. Depreciation of tools used in production.
m. Cost of fabric used by clothing manufacturer.
n. Depreciation of robot used to assemble a product.
o. Wages of a machine operator on the production line.
p. Salary of the vice president of manufacturing operations.
q. Factory janitorial supplies.
r. Maintenance and repair costs for factory equipment.
s. Electricity used to operate factory machinery.
t. Oil lubricants for factory plant and equipment.
u. Cost of sewing machine needles used by a shirt manufacturer.
v. Fees paid to lawn service for office grounds upkeep.
w. Depreciation of microcomputers used in the factory to coordinate and monitor the production schedules.
x. Wages of production quality control personnel.
Instructions
Classify each of the preceding costs as a product cost or period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the following tabular headings for preparing your answer, placing an "X" in the appropriate column.
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Q 12Q 12
Classifying costs
The following is a list of costs incurred by several businesses:
a. Factory operating supplies.
b. Wages of company controller's secretary.
c. Entertainment expenses for sales representatives.
d. Paper used by commercial printer.
e. Hard drives for a microcomputer manufacturer.
f. Lumber used by furniture manufacturer.
g. Salary of quality control supervisor.
h. Hourly wages of warehouse laborers.
i. Sales commissions.
j. Cost of hogs for meat processor.
k. Paper used by Computer Department in processing various managerial reports.
l. Cost of telephone operators for a toll-free hotline to help customers operate products.
m. Protective glasses for factory machine operators.
n. Maintenance and repair costs for factory equipment.
o. Costs of operating a research laboratory.
p. Packing supplies for products sold. These supplies are a very small portion of the total cost of the product.
q. Depreciation of factory equipment.
r. First-aid supplies for factory workers.
s. Seed for grain farmer.
t. Health insurance premiums paid for factory workers.
u. Wages of a machine operator on the production line.
v. Tires for an automobile manufacturer.
w. Executive bonus for vice president of marketing.
x. Costs for television advertisement.
Instructions
Classify each of the preceding costs as a product cost or period cost. Indicate whether each product cost is a direct materials cost, a direct labor cost, or a factory overhead cost. Indicate whether each period cost is a selling expense or an administrative expense. Use the following tabular headings for preparing your answer. Place an "X" in the appropriate column.
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Q 13Q 13
Managerial accounting in the management process
For each of the following managers, describe how managerial accounting could be used to satisfy strategic or operational objectives:
1. The vice president of the Information Systems Division of a bank.
2. A hospital administrator.
3. The chief executive officer of a food company. The food company is divided into three divisions: Nonalcoholic Beverages, Snack Foods, and Fast Food Restaurants.
4. The manager of the local campus copy shop.
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Q 14Q 14
What manufacturing cost term is used to describe the cost of materials that are an integral part of the manufactured end product
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Q 15Q 15
Classifying costs as factory overhead
Which of the following items are properly classified as part of factory overhead for Caterpillar , a maker of heavy machinery and equipment
a. Factory supplies used in the Danville, Kentucky, tractor tread plant
b. Interest expense on debt
c. Amortization of patents on new assembly process
d. Steel plate
e. Plant manager's salary at Aurora, Illinois, manufacturing plant
f. Vice president of finance's salary
g. Property taxes on the Aurora, Illinois, manufacturing plant
h. Consultant fees for a study of production line employee productivity
i. Sales incentive fees to dealers
j. Depreciation on Peoria, Illinois, headquarters building
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Q 16Q 16
Prime and conversion costs
Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for an automobile manufacturer.
a. Wages of employees that operate painting equipment
b. Wages of the plant manager
c. Steel
d. Oil used for assembly line machinery
Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for a magazine publisher.
a. Paper used for the magazine
b. Wages of printing machine employees
c. Glue used to bind magazine
d. Maintenance on printing machines
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Q 17Q 17
Cost classifications-service company
A partial list of Cottonwood Medical Center's costs is provided below.
a. Depreciation of X-ray equipment.
b. Salary of the nutritionist.
c. Cost of advertising hospital services on television.
d. Cost of improvements on the employee parking lot.
e. Cost of blood tests.
f. Operating room supplies used on patients (catheters, sutures, etc.).
g. Cost of patient meals.
h. Cost of X-ray test.
i. Depreciation on patient rooms.
j. Overtime incurred in the Patient Records Department due to a computer failure.
k. Cost of maintaining the staff and visitors' cafeteria.
l. General maintenance of the hospital.
m. Utility costs of the hospital.
n. Cost of drugs used for patients.
0. Training costs for nurses.
p. Doctor's fee.
q. Cost of laundry services for operating room personnel.
r. Nurses' salaries.
s. Salary of intensive care personnel.
t. Cost of intravenous solutions used for patients.
u. Cost of new heart wing.
Instructions
1. What would be Cottonwood Medical Center's most logical definition for the final cost object
2. Identify whether each of the costs is to be classified as direct or indirect. For purposes of classifying each cost as direct or indirect, use the patient as the cost object.
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Q 18Q 18
Cost classifications-service company
A partial list of Swain Hotel's costs is provided below.
a. Pay-per-view movie rental costs (in rooms).
b. Training for hotel restaurant servers.
c. Champagne for guests.
d. Cost of laundering towels and bedding.
e. Cost to replace lobby furniture.
f. Cost of advertising in local newspaper.
g. Cost to mail a customer survey.
h. Cost of room mini-bar supplies.
i. Depreciation of the hotel.
j. Cost of valet parking.
k. Guest room telephone costs for long-distance calls.
l. Wages of bellhops.
m. Salary of the hotel manager.
n. Cost to paint lobby.
0. Wages of kitchen employees.
p. Wages of convention setup employees.
q. Cost of food.
r. Wages of maids.
s. Cost of soaps and shampoos for rooms.
t. Utility cost.
u. Wages of desk clerks.
v. Cost of new carpeting.
w. General maintenance supplies.
Instructions
1. What would be Swain Hotel's most logical definition for the final cost object
2. Identify whether each of the costs is to be classified as direct or indirect. For purposes of classifying each cost as direct or indirect, use the hotel guest as the cost object.
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Q 19Q 19
Classifying costs
Geek Chic Company provides computer repair services for the community. Obie Won's computer was not working, and he called Geek Chic for a home repair visit. Geek Chic Company's technician arrived at 2:00 P.M. to begin work. By 4:00 P.M. the problem was diagnosed as a failed circuit board. Unfortunately, the technician did not have a new circuit board in the truck, since the technician's previous customer had the same problem, and a board was used on that visit. Replacement boards were available back at Geek Chic Company's shop. Therefore, the technician drove back to the shop to retrieve a replacement board. From 4:00 to 5:00 P.M. , Geek Chic Company's technician drove the round trip to retrieve the replacement board from the shop.
At 5:00 P.M. the technician was back on the job at Obie's home. The replacement procedure is somewhat complex, since a variety of tests must be performed once the board is installed. The job was completed at 6:00 P.M.
Obie's repair bill showed the following:
Obie was surprised at the size of the bill and asked for some greater detail supporting the calculations. Geek Chic Company responded with the following explanations:
The labor charge per hour is detailed as follows:
Further explanations in the differences in the hourly rates are as follows:
1. If you were in Obie's position, how would you respond to the bill Are there parts of the bill that appear incorrect to you If so, what argument would you employ to convince Geek Chic Company that the bill is too high
2. Use the headings below to construct a table. Fill in the table by first listing the costs identified in the activity in the left-hand column. For each cost, place a check mark in the appropriate column identifying the correct cost classification. Assume that each service call is a job.
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Q 21Q 21
Classifying costs as product or period costs
For apparel manufacturer Ann Taylor, Inc. , classify each of the following costs as either a product cost or a period cost:
a. Depreciation on office equipment
b. Property taxes on factory building and equipment
c. Advertising expenses
d. Sales commissions
e. Salaries of distribution center personnel
f. Factory supervisors' salaries
g. Factory janitorial supplies
h. Repairs and maintenance costs for sewing machines
i. Research and development costs
j. Travel costs of media relations employees
k. Chief financial officer's salary
l. Oil used to lubricate sewing machines
m. Depreciation on sewing machines
n. Utility costs for office building
o. Salary of production quality control supervisor
p. Fabric used during production
q. Wages of sewing machine operators
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Q 22Q 22
Product and period costs
Identify the following costs as a product cost or a period cost for an automobile manufacturer.
a. Steel
b. Wages of employees that operate painting equipment
c. Rent on office building
d. Sales staff salaries
Identify the following costs as a product cost or a period cost for a magazine publisher.
a. Sales salaries
b. Paper used for the magazine
c. Maintenance on printing machines
d. Depreciation expense-corporate headquarters
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Q 23Q 23
Manufacturing income statement, statement of cost of goods.manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2014:
Instructions
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare Volt Company's statement of cost of goods manufactured for December.
3. Prepare Volt Company's income statement for December.
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Q 24Q 24
Manufacturing income statement, statement of cost of goods manufactured
Several items are omitted from the income statement and cost of goods manufactured statement data for two different companies for the month of December 2014:
Instructions
1. Determine the amounts of the missing items, identifying them by letter.
2. Prepare On Company's statement of cost of goods manufactured for December.
3. Prepare On Company's income statement for December.
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Q 25Q 25
using managerial accounting information
The following situations describe decision scenarios that could use managerial accounting information:
1. The manager of High Times Restaurant wishes to determine the price to charge for various lunch plates.
2. By evaluating the cost of leftover materials, the plant manager of a precision tool facility wishes to determine how effectively the plant is being run.
3. The division controller of West Coast Supplies needs to determine the cost of products left in inventory.
4. The manager of the Maintenance Department of a large manufacturing company wishes to plan next year's anticipated expenditures.
For each situation, discuss how managerial accounting information could be used.
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Q 27Q 27
Concepts and terminology
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:
a. Feedback is often used to (improve, direct) operations.
b. The implementation of automatic, robotic factory equipment normally (increases, decreases) the direct labor component of product costs.
c. Advertising costs are usually viewed as (period, product) costs.
d. The balance sheet of a manufacturer would include an account for (cost of goods sold, work in process inventory).
e. Factory overhead costs combined with direct labor costs are called (prime, conversion) costs.
f. Payments of cash or the commitment to pay cash in the future for the purpose of generating revenues are (costs, expenses).
g. A product, sales territory, department, or activity to which costs are traced is called a (direct cost, cost object).
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Q 28Q 28
Cost of goods sold, cost of goods manufactured
Hill Company has the following information for January:
For January, determine (a) the cost of goods manufactured and (b) the cost of goods sold.
Ebony Company has the following information for July:
For July, determine (a) the cost of goods manufactured and (b) the cost of goods sold.
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Q 29Q 29
Statement of cost of goods manufactured and income statement for a manufacturing company
The following information is available for The Lucille Corporation for 2014:
Instructions
1. Prepare the 2014 statement of cost of goods manufactured.
2. Prepare the 2014 income statement.
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Q 30Q 30
Statement of cost of goods manufactured and income statement for a manufacturing company
The following information is available for Shanika Company for 2014:
Instructions
1. Prepare the 2014 statement of cost of goods manufactured.
2. Prepare the 2014 income statement.
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Q 31Q 31
Classifying costs
Group Project
With a group of students, visit a local copy and graphics shop or a pizza restaurant. As you observe the operation, consider the costs associated with running the business. As a group, identify as many costs as you can and classify them according to the following table headings:
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Q 32Q 32
Name the three inventory accounts for a manufacturing business, and describe what each balance represents at the end of an accounting period.
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Q 33Q 33
Concepts and terminology
From the choices presented in parentheses, choose the appropriate term for completing each of the following sentences:
a. The wages of an assembly worker are normally considered a (period, product) cost.
b. Short-term plans are called (strategic, operational) plans.
c. The phase of the management process that uses process information to eliminate the source of problems in a process so that the process delivers the correct product in the correct quantities is called (directing, improving).
d. Direct materials costs combined with direct labor costs are called (prime, conversion) costs.
e. Materials for use in production are called (supplies, materials inventory).
f. The plant manager's salary would be considered (direct, indirect) to the product.
g. An example of factory overhead is (sales office depreciation, plant depreciation).
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Q 34Q 34
In what order should the three inventories of a manufacturing business be presented on the balance sheet
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Q 35Q 35
Classifying costs in a service company
A partial list of the costs for Wisconsin and Minnesota Railroad, a short hauler of freight, is provided below. Classify each cost as either indirect or direct. For purposes of classifying each cost, use the train as the cost object.
a. Cost to lease (rent) train locomotives
b. Salaries of dispatching and communications personnel
c. Costs of accident cleanup
d. Wages of switch and classification yard personnel
e. Cost of track and bed (ballast) replacement
f. Wages of train engineers
g. Payroll clerk salaries
h. Safety training costs
i. Fuel costs
j. Maintenance costs of right of way, bridges, and buildings
k. Cost to lease (rent) railroad cars
l. Depreciation of terminal facilities
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Q 36Q 36
What are the three categories of manufacturing costs included in the cost of finished goods and the cost of work in process
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Q 37Q 37
Classifying costs
The following report was prepared for evaluating the performance of the plant manager of Farrar Inc. Evaluate and correct this report.
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Q 38Q 38
For a manufacturer, what is the description of the account that is comparable to a merchandising business's cost of merchandise sold
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Q 39Q 39
Financial statements of a manufacturing firm
The following events took place for Chaterjee Manufacturing Company during January 2014, the first month of its operations as a producer of digital thermometers:
a. Purchased $95,200 of materials.
b. Used $67,200 of direct materials in production.
c. Incurred $128,800 of direct labor wages.
d. Incurred $151,200 of factory overhead.
e. Transferred $303,800 of work in process to finished goods.
f. Sold goods with a cost of $280,000.
g. Earned revenues of $450,000.
h. Incurred $65,400 of selling expense.
i. Incurred $54,600 of administrative expense.
Using the above information, complete the following:
a. Prepare the January 2014 income statement for Chaterjee Manufacturing Company.
b. Determine the inventory balances at the end of the first month of operations.
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Q 40Q 40
How does the Cost of Goods Sold section of the income statement differ between merchandising and manufacturing companies
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Q 41Q 41
Manufacturing company balance sheet
Partial balance sheet data for Berente Company at December 31, 2014, are as follows:
Prepare the Current Assets section of Berente Company's balance sheet at December 31, 2014.
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Q 42Q 42
Cost of direct materials used in production for a manufacturing company
Dewald Manufacturing Company reported the following materials data for the month ending April 30, 2014:
Determine the cost of direct materials used in production by Dewald during the month ended April 30, 2014.
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Q 43Q 43
Cost of goods manufactured for a manufacturing company
Two items are omitted from each of the following three lists of cost of goods manufactured statement data. Determine the amounts of the missing items, identifying them by letter.
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Q 44Q 44
Cost of goods manufactured for a manufacturing company
The following information is available for Rubleske Manufacturing Company for the month ending January 31, 2014:
Determine Rubleske's cost of goods manufactured for the month ended January 31, 2014.
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Q 45Q 45
Income statement for a manufacturing company
Two items are omitted from each of the following three lists of cost of goods sold data from a manufacturing company income statement. Determine the amounts of the missing items, identifying them by letter.
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Q 46Q 46
Statement of cost of goods manufactured for a manufacturing company
Cost data for Tiwana Manufacturing Company for the month ended May 31, 2014, are as follows:
a. Prepare a cost of goods manufactured statement for May 2014.
b. Determine the cost of goods sold for May 2014.
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Q 47Q 47
Cost of goods sold, profit margin, and net income for a manufacturing
The following information is available for Vogt Manufacturing Company for the month ending July 31, 2014:
For the month ended July 31, 2014, determine Vogt's (a) cost of goods sold, (b) gross profit, and (c) net income.
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Q 48Q 48
Cost flow relationships
The following information is available for the first month of operations of Bahadir Company, a manufacturer of mechanical pencils:
Using the above information, determine the following missing amounts:
a. Cost of goods sold
b. Finished goods inventory at the end of the month
c. Direct materials cost
d. Direct labor cost
e. Work in process inventory at the end of the month
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