Cost of Goods Manufactured Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Cost of Goods Manufactured Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Beginning Ending Required: Next year, Bob's Bistro expects to purchase $126,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory $4,000 $3,900 Direct materials Beginning inventory 1. Prepare a statement of cost of goods manufactured. Bob's Bistro Statement of Cost of Goods Manufactured For the Coming Year Add: Purchases 7 Materials available $60,000 28,000 210,000 Laner Ending inventams Work-in-Process Inventory $12,100 $14,100 4,000 ✓ 126,500 eBook 1. Prepare a statement of cost of goods manufactured. Bob's Bistro Statement of Cost of Goods Manufactured For the Coming Year Direct materials Beginning inventory Add: Purchases Materials available Less: Ending inventory Direct materials used in production Total manufacturing costs added Cost of goods manufactured Feedback Check My Work 1. See Example 2.2 ✓ 4,000 126,500 X 0000000 2. What if the ending inventory of direct materials decreased by $2,400? Indicate the affect that this would have on the items listed below: Direction of change Amount 2. What if the ending inventory of direct materials decreased by $2,4007 Indicate the affect that this would have on the items listed below: Direction of change Amount Direct materials used Total manufacturing costs Cost of goods manufactured Feedback Check My Work 2. See Example 2.21 Feedback Check My Work Partially correct Check My Work by by s by s b Previous Next Cost of Goods Manufactured Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Beginning Ending Required: Next year, Bob's Bistro expects to purchase $126,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory $4,000 $3,900 Direct materials Beginning inventory 1. Prepare a statement of cost of goods manufactured. Bob's Bistro Statement of Cost of Goods Manufactured For the Coming Year Add: Purchases 7 Materials available $60,000 28,000 210,000 Laner Ending inventams Work-in-Process Inventory $12,100 $14,100 4,000 ✓ 126,500 eBook 1. Prepare a statement of cost of goods manufactured. Bob's Bistro Statement of Cost of Goods Manufactured For the Coming Year Direct materials Beginning inventory Add: Purchases Materials available Less: Ending inventory Direct materials used in production Total manufacturing costs added Cost of goods manufactured Feedback Check My Work 1. See Example 2.2 ✓ 4,000 126,500 X 0000000 2. What if the ending inventory of direct materials decreased by $2,400? Indicate the affect that this would have on the items listed below: Direction of change Amount 2. What if the ending inventory of direct materials decreased by $2,4007 Indicate the affect that this would have on the items listed below: Direction of change Amount Direct materials used Total manufacturing costs Cost of goods manufactured Feedback Check My Work 2. See Example 2.21 Feedback Check My Work Partially correct Check My Work by by s by s b Previous Next
Expert Answer:
Answer rating: 100% (QA)
Bobs Bistro Statement of Cost of Goods Manufactured for the coming year Direct Materials Beginning i... View the full answer
Related Book For
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen
Posted Date:
Students also viewed these accounting questions
-
For July, Beerton Company had cost of goods manufactured equal to $50,000; direct materials used, $16,000; cost of goods sold, $60,000; direct labor, $24,000; purchases of materials, $25,000; cost of...
-
For June, Southton Company had cost of goods manufactured equal to $120,000; materials purchases, $33,000; depreciation of manufacturing assets, $17,000; cost of goods sold, $140,000; expired...
-
A product is required to be produced with the specification limits as UsL=7 mm; LSL=3 mm. With given u-5mm and a =0.5mm values for the process, discuss the alternative (a, b, c) options after...
-
Assume that the Central bank decides to sell government bonds to the commercial banks. a.) Use the demand and supply curves for loanable funds to show the effect of this measure on the interest rate....
-
A governmental auditor assigned to audit the financial statements of the state highway department would not be considered independent if the auditor a. Also held a position as a project manager in...
-
(a) Suppose that a particle of mass m is constrained to move in a one-dimensional space between two infinitely high barriers located A apart. Using the uncertainty principle, find an expression for...
-
Identify the six basic principles of internal control and the accounting control objective(s) applicable to each principle.
-
The records of Grade A Steak Company list the following selected accounts for the quarter ended April 30, 2012: Requirements 1. Prepare a multi-step income statement. 2. M. Davidson, manager of the...
-
TBA, Inc., manufactures and sells concrete block for residential and commercial building. In preparation for a master budget for the 2023, management gathers the following information. Quarterly...
-
Consider a building with 3200 ft 2 of walls. Assume the ceiling is well-insulated and compute the energy loss through the walls based on the following materials, assuming an indoor temperature of 70...
-
Over the last 5 years, a stock price has increased in value by 3(1)/(2) times. The price of the stock 5 years ago was $44. What is the price (in dollars ) of the stock today?
-
Consider the Vertex Coloring Problem in which we assign different colors to the adjacent vertices on a given graph G = (V, E). The objective is to color the vertices of the graph using minimum number...
-
4. Solve the following systems: (a) x + x2 + 2x3 = 8 - -x1 2x + 3x3 1 3x17x2 + 4x3 = 10 (b) x+y+z=3 4x + 4y + 4z = 7 3xy + 2z = 5
-
A simply supported beam is shown below. A 10 kN/m 2m 3m 5 m a) Find the reaction forces at the supports. b) c) 20 kNm Take a section through the beam at a point half-way between point B and point C....
-
1. Draw five aggregate supply and demand graphs at long run equilibrium. Illustrate what would happen to the price level, output and employment under the following circumstances: 1)Congress raises...
-
QUESTION 9 Jaz was having a tough day at work. A teacher called in the morning to inform her that her son wasn't keeping up with his homework. She also kept slipping up during her presentation and...
-
A plane has taken off the runway and has gained a speed of 300 mph making an angle 15 degrees with the horizontal. When the plane is 1600 ft off the ground, a loose nut detaches the plane and falls...
-
Havel says the grocer doesnt believe what is on the sign and indeed, he says the grocers customers will barely notice it. But Havel maintains that the sign serves a specific function. How would you...
-
Potter Company has installed a JIT purchasing and manufacturing system and is using back ush accounting for its cost flows. It currently uses a two-trigger approach with the purchase of materials as...
-
Refer to the data in Problem 6.36. In exercise Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the...
-
Refer to Exercise 10.7 for data. At the end of Year 2, the manager of the Houseware Division is concerned about the divisions performance. As a result, he is considering the opportunity to invest in...
-
Reflect on how the 'pair-wise' criterion system could be applied in your organisation. Against which criterion would you carry out prioritisation?
-
Why should projects be linked to the organisation's Strategic Plan?
-
Using the BCG matrix illustrated in Figure 4. 13 review the investments from the list below. Investment $\mathrm{A}$ is a new product that has been released into the industry. It seems to be...
Study smarter with the SolutionInn App