Cost calculations
Not what you're looking for?
The ABC Corporation shows the following data in its accounting records for the most recently completed year:
Sales $900
Purchases of raw materials $200
Direct labor $150
Manufacturing overhead $250
Administrative expenses $150
Selling expenses $130
Raw materials inventory, beginning $80
Raw materials inventory, ending $30
Work in process inventory, beginning $70
Work in process inventory, ending $28
Finished goods inventory, beginning $100
Finished goods inventory, ending $120
Questions:
a) What was the amount of Raw Materials used for the year?
b) What were the total Manufacturing costs for the year?
c) What were the total prime costs for the year?
d) What were the total conversion costs for the year?
e) What were the total Cost of Goods Manufactured for the year?
Purchase this Solution
Solution Summary
The solution calculates amount of raw materials, total manufacturing costs, total prime costs, total conversion costs, total cost of goods manufactured for the year.
Solution Preview
Questions:
What was the amount of Raw Materials used for the year? (2 points)
Raw materials inventory, beginning= $80 (Given)
Add Purchases of raw materials= $200 (Given)
Raw materials available for use= $280 =80 + 200
Less Raw materials inventory, ending= ($30) (Given)
Amount of raw materials used= $250 =280 -30
Answer: Amount of raw materials used= $250
What were the total Manufacturing costs for the year? (2 ...
Purchase this Solution
Free BrainMass Quizzes
Situational Leadership
This quiz will help you better understand Situational Leadership and its theories.
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce
Learning Lean
This quiz will help you understand the basic concepts of Lean.
Production and cost theory
Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.