1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
padilas [110]
3 years ago
8

Leslie Manufacturing reported the following:Revenue $450,000Beginning inventory of direct materials, January 1, 2015 20,000Purch

ases of direct materials 156,000Ending inventory of direct materials, December 31, 2015 18,000Direct manufacturing labor 21,000Indirect manufacturing costs 42,000Beginning inventory of finished goods, January 1, 2015 40,000Cost of goods manufactured 114,000Ending inventory of finished goods, December 31, 2015 45,000Operating costs 150,000How much of the above would be considered period costs for Leslie​ Manufacturing?
Business
1 answer:
Bogdan [553]3 years ago
5 0

Answer:

$109,000

Explanation:

The accounting equation for the cost of goods sold

COGS = opening finished good + purchases - Closing finished goods

In a manufacturing firm, purchases are also referred to as manufacturing costs.

For Leslie manufacturing:

beginning finished inventory =$40,000

costs of goods manufactured = $ 144,000

Ending finished inventory = $ 45,000

cost of  manufacturing for the period:

=$40,000 +$114,000- $45,000

=$109,000

You might be interested in
During March, Hanks Manufacturing started and completed 30,000 units. In beginning work in process, there were 5,000 units 60 pe
Delvig [45]

Answer:

Equivalent units

Materials= 40,000 units

Conversion= 36,000 units

Explanation:

Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work

Equivalent units = Degree of work done(%) × units of inventory

Conversion cost

<em>Item</em>                                            <em>     equivalent units</em>

Opening inventory 40% × 5,000 =     2,000

Fully worked units 100% × 30,000= 30,000  

Closing inventory 40%× 10,000=      <u> 4,000 </u>

Total equivalent unit                       <u>    36,000</u>

Notes

The following notes explains the computation of the items of equivalent unit for conversion cost:

1. DOC for opening inventory is 40% i.e 100%-60%. Remember that 60% work has been done in the previous period, so the balance is to be done in this current period  

2. Fully work represent the units of inventory introduced in the current period and completed in the same period. Meaning 100% work was achieved in the period.  

3. Closing work is only 40% completed. This represent work started this period but not yet completed.

Material  cost

<em>Item   </em>                                               <em> equivalent units</em>

Opening inventory 0% × 5,000 =         0

Fully worked units 100% × 30,000= 30,000  

Closing inventory 100%× 10,000=   <u> 10,000 </u>

Total equivalent unit                         <u> 40,000</u>

Notes

The following notes explains the computation of the items of equivalent unit for Material cost:

1. DOC for opening inventory is 0% i.e 100%-1000%. Remember that materials are added at the beginning. Hence all the materials required for the opening inventory had been added in the previous period

2. Fully work represent the units of inventory introduced in the current period and completed in the same period. Meaning 100% materials  was added in the period.  

3. All the materials required for the closing inventory were added in this period, hence, 100% degree of completion was used

Equivalent units

Materials= 40,000 units

Conversion= 36,000 units

5 0
3 years ago
This business pays income taxes on the sales of its products each year.<br> This is:
coldgirl [10]

Explanation:

what is the question??

5 0
3 years ago
Read 2 more answers
I got 100k for the balance of the investment when I did the math so how is it 98k?
ioda

Answer:

because you spend 1k or more

6 0
2 years ago
During January, Year 2, Geo entered into the following transactions: Paid $728 on account for utilities that were used during De
MAXImum [283]

Answer:

Geo

1. Journal Entries:

1. Debit Utilities Payable $728

Credit Cash $728

To record the payment of utilities on account.

2. Debit Supplies $488

Credit Cash $488

To record the purchase of supplies for cash.

3. Debit Prepaid Rent $6,100

Credit Cash $6,100

To record the prepayment of rent for 6 six months.

4. Debit Equipment $21,000

Credit Note Payable $21,000

To record the purchase of equipment on account.

5. Debit Cash $16,000

Debit Accounts Receivable $16,500

Credit Services Revenue $32,500

To record the rendering of services for cash and on account.

6. Debit Salaries Expense $7,400

Credit Cash $7,400

To record the payment of salaries for January.

2. T-accounts:

Utilities Payable

Accounts Titles       Debit        Credit

Cash                        $728

Cash

Accounts Titles       Debit        Credit

Utilities payable                       $728

Supplies                                     488

Prepaid Rent                           6,100

Service Revenue  $16,000

Salaries Expense                   7,400

Supplies

Accounts Titles       Debit        Credit

Cash                       $488

Prepaid Rent

Accounts Titles       Debit        Credit

Cash                    $6,100

Equipment

Accounts Titles       Debit        Credit

Note Payable        $21,000

Note Payable

Accounts Titles       Debit        Credit

Equipment                             $21,000

Accounts Receivable

Accounts Titles       Debit        Credit

Service Revenue $16,500

Services Revenue

Accounts Titles            Debit        Credit

Cash                          $16,000

Accounts Receivable 16,500

Salaries Expense

Accounts Titles       Debit        Credit

Cash                      $7,400

Explanation:

Since the beginning balances were not supplied, the T-accounts are not balanced at the end of the period.  Journal entries were prepared to record the daily business transactions for the first time in the accounting system.  The entries showed the accounts to be debited and credited respectively.

5 0
2 years ago
Ward and June are in the 32% tax bracket. A bond of Dell Computer Corporation with a face value of $10,000 is included in their
polet [3.4K]

Answer:

Tax Savings = 200

Explanation:

If Ward and June carry the bond, tax would be:

⇒ Interests * tax rate

⇒ 1000 * 32% = 320

They gift bond to their son, Wally, whose tax would be:

⇒ Interests * tax rate

⇒ 1000 * 12% = 120

The tax savings related to the transfer of Bond is:

⇒ 320 - 120 = 200

5 0
3 years ago
Read 2 more answers
Other questions:
  • Determine the market potential for a backpack that has 200,000 prospective buyers who purchase an average of 2 backpack per year
    14·1 answer
  • Assume the following data concerning a purchase of merchandise by Icon Co. on April 2:
    11·1 answer
  • What is the majority of food made from
    7·2 answers
  • Advertising revenue, the lifeblood of newspaper operations, ______.
    6·1 answer
  • Relatively high paid workers are reluctant to shirk because
    5·1 answer
  • Which of these statements is true?
    6·1 answer
  • Chris wants to open a family-oriented restaurant in a thriving suburban area. Chris thinks a sports-based theme and broad menu w
    11·1 answer
  • ZZ Inc. uses departmental overhead rates to allocate its manufacturing overhead to jobs. The company has two departments: Assemb
    10·1 answer
  • Distinguish between the direct and indirect strategies. when is each appropriate.
    11·1 answer
  • If a one-year adjustable-rate mortgage loan (ARM) is originally offered at 7% interest with "caps of 1 and 6," the interest rate
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!