Chapter M:1 Homework

1.

Data Table Balances: Beginning Ending Direct Materials $ 51,000 $ 20,000 Work-in-Process Inventory 110,000 70,000 Finished Goods Inventory 46,000 51,000 Data Table Other information: Depreciation, plant building and equipment $ Direct materials purchases Insurance on plant Sales salaries Repairs and maintenanceplant Indirect labor Direct labor Administrative expenses 12,000 153,000 30,000 45,000 5,000 35,000 120,000 59,000 Knight Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2024: a (Click the icon to view account balances.) .Click the icon to view other information.) Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Knight manufactured 2.130 lamps for the year? Requirement 1. Use the information to prepare a schedule of cost of goods manufactured. lI Direct Materials Used: lll lI lll lI Direct Materials Used |:| Manufacturing Overhead: |:|I: IH IH Il; Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For lI Cost of Goods Manufactured E W Wages Expense Grooming Supplies Expense Building Rent Expense Utilities Expense Depreciation ExpenseEquipment Roover Grooming provides grooming services for pets. In April, the company eamed $15,800 in revenues and incurred the following operating costs to groom 680 dogs: Click the icon to view the operating costs.) Requirements 1. What is Roover's operating income for April? 2. What is the cost of service to groom one dog? Requirement 1. What is Roovei's operating income for April? Revenues: Expenses: Total Expenses W Operating Income (Loss) Salaries and wages Windshield repair materials Depreciation on truck Depreciation on building and equipment Supplies used Utilities Requirements Prepare an income statement for the month of March. Compute the cost per unit of repairing one windshield. The manager of Glass Time must keep the unit operating cost below $80 per windshield in order to get his bonus. Did he meet the goal? Glass Time repairs chips in car Windshields. The company incurred the following operating costs for the month at March 2024: a (Click the icon to View the operating costs.) Glass Time earned $29,000 in service revenues for the month of March by repairing 100 windshields. All costs shown are considered to be directly related to the repair service. Requirement 1. Prepare an income statement for the month of March. Revenues: Expenses: Total Expenses W Operating Income (Loss)