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linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1402
Experience:  A tutor for Business, Finance, Accounts and other related topics.
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1. (TCO A) The following data (in thousands of dollars) have

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1. (TCO A) The following data (in thousands of dollars) have been taken from the accounting records of Larklin Corporation for the just-completed year.Sales
$920Purchases of raw materials
$215Direct labor
$170Manufacturing overhead
$275Administrative expenses
$180Selling expenses
$140Raw materials inventory, beginning
$100Raw materials inventory, ending
$65Work-in-process inventory, beginning
$75Work-in-process inventory, ending
$35Finished goods inventory, beginning
$130Finished goods inventory, ending
$165Prepare a Schedule of Cost of Goods Manufactured statement in the text box below. (Points : 15)Question 2. 2. (TCO B) The Florida Company manufactures a product that goes through three processing departments. Information relating to activity in the first department during June is given below.
Percentage Completed
ConversionWork in process, June 1
45%Work in process, Jun 30
65%The department started 650,000 units into production during the month and transferred 680,000 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. (Points : 20)Question 3. 3. (TCO C) A cement manufacturer has supplied the following data.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
Calculate the company's unit contribution margin.
Calculate the company's contribution margin ratio.
If the company increases its unit sales volume by 5% without increasing its fixed expenses, what would the company's net operating income be? (Points : 25)Question 4. 4. (TCO D) The Hampton Company produces and sells a single product. The following data refer to the year just completed.Selling price
$450Units in beginning inventory
0Units produced
25,000Units sold
22,000Variable costs per unit:Direct materials
$150Direct labor
$75Variable manufacturing overhead
$25Variable selling and admin
$15Fixed costs:Fixed manufacturing overhead
$275,000Fixed selling and admin
Compute the cost of a single unit of product under both the absorption costing and variable costing approaches.
Prepare an income statement for the year using absorption costing.
Prepare an income statement for the year using variable costing. (Points : 30)
Submitted: 26 days ago.
Category: Multiple Problems
Expert:  Donna Kakonge replied 26 days ago.

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