For each case below, find the missing amount. Beginning inventory of finished goods Cost of goods manufactured during period Ending inventory of finished goods Cost of goods sold Case I Case II Case III $ 12,000 $ 7,000 419,000 95,000 98,000 8,000 21,000 $ 405,000 $ 304,000 ! Required information [The following information applies to the questions displayed below.] A loom operator in a textiles factory earns $16 per hour. By contract, the employee earns $24 (time and a half) for overtime hours. The operator worked 45 hours during the first week of May, and overtime is paid after the usual 40 hours. Required: 1. Compute the loom operator's compensation for the week. Total compensation Required information [The following information applies to the questions displayed below.] A hotel pays the phone company $100 per month plus $0.25 for each call made. During January 6,000 calls were made. In February 5,000 calls were made. Required: 1. Calculate the hotel's phone bills for January and February. January February Phone Bill 3. How much of the employee's total compensation for the week is direct-labor cost? How much is overhead? Direct labor cost Overhead cost [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 December 31, 20x1 $ 60,000 120,000 150,000 $ 70,000 115,000 165,000 During 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities Other $ 10,000 25,000 100,000 25,000 30,000 Sales revenue was $1,105,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 1. Prepare a schedule of cost of goods manufactured. Direct material: ALEXANDRIA ALUMINUM COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20x1 Manufacturing overhead: Total manufacturing overhead Total manufacturing costs Subtotal Cost of goods manufactured 0 $ 0 3. Prepare an income statement. ALEXANDRIA ALUMINUM COMPANY Income Statement For the Year Ended December 31, 20x1 $ $ EA Required information [The following information applies to the questions displayed below.] A hotel pays the phone company $100 per month plus $0.25 for each call made. During January 6,000 calls were made. In February 5,000 calls were made. Required: 1. Calculate the hotel's phone bills for January and February. January February Phone Bill Required information [The following information applies to the questions displayed below.] A hotel pays the phone company $100 per month plus $0.25 for each call made. During January 6,000 calls were made. In February 5,000 calls were made. 2. Calculate the cost per phone call in January and in February. (Round your answers to 3 decimal places.) January February Cost per Phone Call Required information [The following information applies to the questions displayed below.] A hotel pays the phone company $100 per month plus $0.25 for each call made. During January 6,000 calls were made. In February 5,000 calls were made. 3. Separate the January phone bill into its fixed and variable components. Fixed component Variable component Total January $ 0 4. What is the marginal cost of one additional phone call in January? (Round your answer to 2 decimal places.) Marginal cost 5. What was the average cost of a phone call in January? (Round your answer to 3 decimal places.) Average cost The following selected information was extracted from the 201 accounting records of Lone Oak Products: Raw material purchases Direct labor Indirect labor Selling and administrative salaries Building depreciation* Other selling and administrative expenses Other factory costs $ 175,000 254,000 109,000 133,000 80,000 195,000 Sales revenue ($130 per unit) 344,000 1,495,000 *Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data: Raw material Work in process Finished goods* January 1 December 31 $ 18,200 $ 15,800 35,700 111,100 62,100 97,900 *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. Required: 1. Calculate Lone Oak's manufacturing overhead for the year. Manufacturing overhead 2. Calculate Lone Oak's cost of goods manufactured. Cost of goods manufactured 3. Compute the company's cost of goods sold. Cost of goods sold 4. Determine net income for 201, assuming a 30% income tax rate. Net income 5. Determine the number of completed units manufactured during the year. Number of completed units Required: 1. Calculate the total cost of the employee's wages during the week described above. Total cost of wages 2. Determine the portion of this cost to be classified in each of the following categories: a. Direct labor b. Manufacturing overhead (idle time) c. Manufacturing overhead (overtime premium) d. Manufacturing overhead (indirect labor) Total cost of wages