Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 15 Aug 2017 My Price 12.00

Surgical Products

The following selected information was extracted from the 20x1 accounting records of Surgical Products, Inc.:


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*Seventy-five percent of the company’s building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions.

 

 

 

68

Chapter 2 Basic Cost Management Concepts

 

Inventory data:

 

 

 

January 1

December 31

 

Raw material .......................................................................................................

$ 31,600

$ 36,400

 

Work in process ...................................................................................................

71,400

124,200

 

Finished goods* ...................................................................................................

222,200

195,800

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively.

Required:

1.      Calculate Surgical Products’ manufacturing overhead for the year.

2.      Calculate Surgical Products’ cost of goods manufactured.

3.      Compute the company’s cost of goods sold.

4.      Determine net income for 20x1, assuming a 40% income tax rate.

5.      Determine the number of completed units manufactured during the year.

6.      Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change; indirect labor is $221,000 and other factory costs amount to $679,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Aug 2017 09:08 AM My Price 12.00

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