Question

McQueen Motor Company manufactures automobiles. During September 2017, the company purchased 7,800 head lamps at a...

McQueen Motor Company manufactures automobiles. During September 2017, the company purchased 7,800 head lamps at a cost of $15 per lamp. McQueen withdrew 7,254 lamps from the warehouse during the month. 66 of these lamps were used to replace the head lamps in autos used by traveling sales staff. The remaining 7,188 lamps were put in autos manufactured during the month. Of the autos put into production during September 2017, 77% were completed and transferred to the company’s storage lot. Of the cars completed during the month, 77% were sold by September 30. (a) Determine the cost of head lamps that would appear in each of the following accounts at September 30, 2017: Raw Materials, Work in Process, Finished Goods, Cost of Goods Sold, and Selling Expenses

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
ACME Company manufactures a specialty line of lamps. The company uses a job-order costing system. During...
ACME Company manufactures a specialty line of lamps. The company uses a job-order costing system. During the month, the following costs were incurred on Job 1041: direct materials $54,800 and direct labor $19,200. In addition, selling costs of $9,658 were incurred on the job. Manufacturing overhead was applied at the rate of $25 per machine-hour (MH) and Job 1041 required 320 MHs. If Job 1041 consisted of 8,280 lamps, the cost of goods sold per lamp was:
Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at...
Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $546,000. Suppose that on June 1, Slapshot had 650 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000. 1. Prepare a cost of goods sold statement for the month of June. Slapshot Company Cost of Goods Sold Statement For the Month of June *Cost of goods manufactured *Cost...
Esperado Furnishings are retailers who purchase and sell household furnishings, including table lamps. The business uses...
Esperado Furnishings are retailers who purchase and sell household furnishings, including table lamps. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory. The business began the last quarter of 2018 with merchandise inventory of 10 pairs of “Italia” table lamps at a total cost of $168,200. The following transactions, relating to the “Italia” brand were completed during the quarter: October 5 Purchased 15 pairs of lamps at a cost of...
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $220,000...
Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $220,000 and incurred direct labor cost of $130,000. Overhead totaled $360,000 for the month. Information on inventories was as follows: September 1 September 30 Materials $140,000 $150,000 Work in process $70,000 $80,000 Finished goods $75,000 $60,000 Required: 1. What was the cost of direct materials used in September ? 2. What was the total manufacturing cost in September ? 3. What was the cost of...
Part III Marvel Company purchased motor vehicle costing $1,200,000 on 15 September 2017. The motor vehicle...
Part III Marvel Company purchased motor vehicle costing $1,200,000 on 15 September 2017. The motor vehicle has an estimated useful life of 5 years and residual value of $200,000. Straight-line depreciation method is used. Half-year convention is adopted. On 5 March 2020, the company sold the motor vehicle for $400,000 cash. The company adjusts its accounts annually with the year-end at 31 December. Required: (a) Prepare the journal entries to update the depreciation before disposal in 2020; (b) Prepare the...
Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 1,900...
Cost of Goods Sold Slapshot Company makes ice hockey sticks. During the month of June, 1,900 sticks were completed at a cost of goods manufactured of $513,000. Suppose that on June 1, Slapshot had 660 units in finished goods inventory costing $160,000 and on June 30, 930 units in finished goods inventory costing $215,000. 1. Prepare a cost of goods sold statement for the month of June. Slapshot Company Cost of Goods Sold Statement For the Month of June Cost...
Cost of Goods Manufactured Slapshot Company makes ice hockey sticks. During the month of June, the...
Cost of Goods Manufactured Slapshot Company makes ice hockey sticks. During the month of June, the company purchased $128,000 of materials. Also during the month of June, Slapshot Company incurred direct labor cost of $177,000 and manufacturing overhead of $237,000. Inventory information is as follows: June 1 June 30 Materials $48,000   $45,000   Work in process 65,000   63,000   Required:   Calculate the cost of goods manufactured for the month of June. caluclate late the cost of one hockey stick assuming that 1,900...
Spade Furnishings are retailers who purchase and sell household furnishings, including table lamps. The business uses...
Spade Furnishings are retailers who purchase and sell household furnishings, including table lamps. The business uses a perpetual inventory system and adjusts cost of goods sold for any shortage or excess inventory. The business began the last quarter of 2018 with merchandise inventory of 10 pairs of “Italia” table lamps at a total cost of $168,200. The following transactions, relating to the “Italia” brand were completed during the quarter: October 5 Purchased 15 pairs of lamps at a cost of...
Slapshot Company makes ice hockey sticks. During the month of June, the company purchased $127,000 of...
Slapshot Company makes ice hockey sticks. During the month of June, the company purchased $127,000 of materials. Also during the month of June, Slapshot Company incurred direct labor cost of $171,000 and manufacturing overhead of $222,000. Inventory information is as follows: June 1 June 30 Materials $48,000 $45,000 Work in process 65,000 63,000 1. Calculate the cost of goods manufactured for the month of June. _____ 2. Calculate the cost of one hockey stick assuming that 1,900 sticks were completed...
Income Statements under Absorption and Variable Costing Patagucci Inc. manufactures and sells athletic equipment. The company...
Income Statements under Absorption and Variable Costing Patagucci Inc. manufactures and sells athletic equipment. The company began operations on August 1, 2016, and operated at 100% of capacity (38,500 units) during the first month, creating an ending inventory of 3,500 units. During September, the company produced 35,000 garments but sold 38,500 units at $80 per unit. The September manufacturing costs and selling and administrative expenses were as follows: Number of Units Unit Cost Total Cost Manufacturing costs in September beginning...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT