compute the following companys prime cost for January total manufacturing cost for January cost of goods manufactured
Fantastic news! We've Found the answer you've been seeking!
Question:
compute the following
companys prime cost for January
total manufacturing cost for January
cost of goods manufactured for January
Cost of goods sold for January
Transcribed Image Text:
Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. Finished goods Work in process Raw material January 1 January 31 $125,000 $117,000 235,000 251,000 134,000. 124,000 The following additional data pertain to January operations. Raw material purchased Direct labor Actual manufacturing overhead Actual selling and administrative expenses $191,000 300,000 175,000 115,000 The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Required: 1. Compute the company's prime cost for January. Prime cost $ 601,000 Bodin Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. Finished goods Work in process Raw material January 1 January 31 $125,000 $117,000 235,000 251,000 134,000. 124,000 The following additional data pertain to January operations. Raw material purchased Direct labor Actual manufacturing overhead Actual selling and administrative expenses $191,000 300,000 175,000 115,000 The company applies manufacturing overhead at the rate of 60 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Required: 1. Compute the company's prime cost for January. Prime cost $ 601,000
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Assuming 10% minimum required reserve ratio, 5% excess reserve ratio, and people holding 10% of cash received at home (not deposited in the banks), the money multiplier is equal to Select one: a....
-
Missoula, Inc., decides to borrow Japanese yen for one year. The interest rate on the borrowed yen is 8 percent. Missoula has developed the following probability distribution for the yens degree of...
-
Why might a corporation want to avoid corporate distributions?
-
Which of the following events decreases a corporation's stockholders' equity? a. A payment of a previously declared cash dividend b. A declaration of a six percent stock dividend c. A 2-for-1 forward...
-
Barker Company has an opportunity to purchase a forklift to use in its heavy equipment rental business. The forklift would be leased on an annual basis during its first two years of operation....
-
Draft a message of 250-300 wo-rds. Be sure to include an appropriate subject line, a greeting, and an opening. The body of your message should be two paragraphs, each 4-6 sente-nces, communicating...
-
The pension plan obligation is decreased by payment of retirement benefits. a return on plan assets that is higher than expected. an increase in the average life expectancy of employees. a decrease...
-
For complete liquidations of subsidiaries under IRC Section 332, the parent corporation does not recognize a gain or loss on the receipt of property in complete liquidation of an 80% or more...
-
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2024 and 2023: Sales revenue Cost of goods sold Gross profit Operating...
-
What are the three different types of financial management?
-
Despite the strong impacts and reunification have on transnational families , there remains a gap in services to support such challenges. Develop a meaningful and creative initiative plan that will...
-
Study the information provided below and calculate the following: 5.2.1 Gross profit for the year ended 31 December 2022 using the weighted average cost method (with the average price per unit...
-
2. (worth 40 points) Consider the system of linear equations below of the form Ax-b x+2x+3x= 5 2xy + 9x + 3x) = 12 +4x, 7
-
Calculate the number of neutrons of 239Pu.
-
Use the comparative statements from Application Problem 17-1 to complete this problem. Instructions: 1. Based on CyberOptic's comparative financial statements prepared in Application Problem 17-1 and...
-
Use the comparative balance sheet from Application Problem 17-1 to complete this problem. Instructions: 1. Based on CyberOptics comparative balance sheet prepared in Application Problem 17-1,...
-
Use the comparative statements from Application Problem 17-1 to complete this problem. Instructions: 1. Based on CyberOptics comparative financial statements prepared in Application Problem 17-1 and...
Study smarter with the SolutionInn App