Question: Burns Manufacturing incurred the following costs

> The following data are given for X Firm (in millions of dollars): Calculate selected costs for the income statement and cost of goods manufactured and sold schedules. Beginning and ending inventories …………………………. $ 0 Sales …………………………………………………………………… 390

> Agler Company is a manufacturer of toys. Its controller resigned in August 2020. An inexperienced assistant accountant has prepared the following income statement for the month of August 2020. Prepare a cost of goods manufactured schedule and a correct i

> Presented below are Lang Company’s monthly manufacturing cost data related to its personal computer products. Classify manufacturing costs. a. Utilities for manufacturing equipment, $116,000 b. Raw material (CPU, chips, etc.), $85,000 c

> Incomplete manufacturing costs for the month of June are as follows: Determine missing amounts in the cost of goods manufactured and sold schedule and compare fixed and variable costs. // Sales were $780,000 for the month. Sales prices are determined b

> The following incomplete income statement information is available for Sawchule Ltd. for 2020: Prepare income statement schedules for the cost of goods sold and cost of goods manufactured. Sales …………………………………………………. $560,000 Beginning inventory of finis

> The following incomplete data are for Atlantic Pride Manufacturing: Calculate prime cost, conversion cost, and cost of goods manufactured. Additional information for 2020: Direct materials ……â€&brvbar

> The following data were taken from the records of Ruiz Manufacturing Company for the year ended December 31, 2020: Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet. Raw Materials Inventory (1/1/20) …

> Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows: Indicate the missing amounts of different cost items, and prepare a condensed cost of goods manufactured schedule, an income statement, and a partial balan

> Ladoca Company, a manufacturer of tennis racquets, started production in November 2020. For the preceding five years, Ladoca had been a retailer of sports equipment. After a thorough survey of tennis racquet markets, Ladoca decided to turn its retail sto

> Hite Company specializes in manufacturing motorcycle helmets. The company has enough orders to keep the factory production at 1,000 motorcycle helmets per month. Hite’s monthly manufacturing cost and other expense data are as follows: C

> Last night, the sprinkler system at Plant A was accidentally set off. The ensuing deluge destroyed most of the cost records in Plant A for the month just completed (May). The plant manager has come to you in a panic—he has to complete his report for head

> Rexfield Company recorded the following transactions for the month of February: Determine missing amounts in the cost of goods manufactured and sold schedule and compare fixed and variable costs. // Sales were $420,000 for the month. Sales prices are d

> The following information is for Montreal Gloves Inc. for the year 2020: Calculate cost of goods manufactured and cost of goods sold. Manufacturing costs ………………………………………….. $3,000,000 Number of gloves manufactured …………………… 300,000 pairs Beginning invent

> Westerville Corp. has collected the following data concerning its maintenance costs for the past six months: Determine variable and fixed cost elements using the high-low method. Calculate the variable and fixed cost elements using the high-low method.

> Nova Chemicals Corp. incurred the following manufacturing costs for the year 2020: Calculate raw materials purchased, cost of goods manufactured, and cost of goods sold. Instructions a. For 2020, what was the cost of raw materials purchased? $28,800 b.

> Tombert Company is a manufacturer of computers. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. Prepare a cost of goods manufactured schedule and a

> The following data were taken from the records of Stellar Manufacturing Company for the fiscal year ended December 31, 2020: Prepare a cost of goods manufactured schedule, a partial income statement, and a partial balance sheet. Raw Materials Inventory

> Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows: Indicate the missing amounts of different cost items, and prepare a condensed cost of goods manufactured schedule, an income statement, and a partial balan

> Par Play Company, a manufacturer of driver golf clubs, started production in November 2020. For the preceding five years, Par Play had been a retailer of sports equipment. After a thorough survey of driver golf club markets, Par Play decided to turn its

> Mina Company specializes in manufacturing motorcycle helmets. The company has enough orders to keep the factory production at 1,000 motorcycle helmets per month. Mina’s monthly manufacturing cost and other expense data are as follows. C

> Todd Motor Company manufactures automobiles. During September 2020, the company purchased 5,000 headlights at a cost of $8 per lights. There was no beginning inventory of lights. Todd withdrew 4,650 lights from the warehouse during the month of September

> An analysis of the accounts of Kananaskis Manufacturing reveals the following manufacturing cost data for the month ended June 30, 2020: Prepare a cost of goods manufactured schedule, and present the ending inventories on balance sheet. Costs incurred:

> Corbin Manufacturing Company produces blankets. From its accounting records it prepares the following schedule and financial statements on a yearly basis: Indicate in which schedule or financial statement(s) different cost items will appear. a. The cost

> The following information is available for Sassafras Company: Prepare a cost of goods manufactured schedule and a partial income statement. Instructions a. Calculate the cost of goods manufactured. b. Prepare an income statement through gross profit. c

> Deines Company accumulates the following data concerning a mixed cost, using kilometres as the activity level: Determine variable and fixed cost elements using the high-low method. Calculate the variable and fixed cost elements using the high-low metho

> Suraya Collier, the bookkeeper for Danner, Letourneau, and Majewski, a political consulting firm, has recently completed a managerial accounting course at her local community college. One of the topics covered in the course was the cost of goods manufact

> Aikman Corporation has the following cost records for June 2020: Prepare a cost of goods manufactured schedule and a partial income statement. Indirect factory labour ……………………………….. $ 4,500 Direct materials used ………………………………… 25,000 Work in process (6/1

> Incomplete manufacturing cost data for Ikerd Company for 2020 are presented as follows for four different situations: Determine the missing amounts of different cost items, and prepare a condensed cost of goods manufactured schedule. Instructions a. In

> Manufacturing cost data for Criqui Company are presented below: Determine the missing amounts of different cost items. // Instructions Provide the missing amount for each letter.

> An incomplete cost of goods manufactured schedule is presented below for Cepeda Manufacturing Company for the year ended December 2020: Determine missing amounts in cost of goods manufactured schedule. // Instructions Complete the cost of goods manufac

> Sinjay Corporation incurred the following costs while manufacturing its product: Calculate the cost of goods manufactured and sold. Materials used in product …………………………... $120,000 Depreciation on plant ……………………………….…… 60,000 Property taxes on warehouse

> Rapid Delivery Service reports the following costs and expenses in June 2020: Classify various costs into different cost categories. Indirect materials ……………………………………. $ 8,400 Depreciation on delivery equipment …………… 11,200 Dispatcher’s salary ………………………

> Mozena Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for the production of 3,000 units. The utilities and maintenance costs are mixed costs. The fixed portions of these costs are

> The controller of Gutierrez Industries has collected the following monthly expense data for use in analyzing the cost behaviour of maintenance costs: Determine fixed and variable costs and calculate overheads. Instructions a. Determine the fixed and va

> Black Brothers Furniture Corporation incurred the following costs: Classify variable, fixed, and mixed costs. 1. Wood used in the production of furniture 2. Fuel used in delivery trucks 3. Straight-line depreciation on factory building 4. Screws used in

> Recently Ryan Smith, the plant manager of the manufacturing division of Waterways Corporation, has been focusing on changes to overhead costs. He realizes that Ben Clark’s new designs call for more automation in the plant, but he is als

> Kozy Enterprises is considering manufacturing a new product. It projects the cost of direct materials and rent for a range of output quantities as shown below: Diagram cost behaviour to determine the relevant range and classify costs. Instructions a. D

> Dye Company manufactures a single product. Annual production costs incurred in the manufacturing process are shown below for two levels of production: Determine fixed, variable, and mixed costs. // Instructions a. Define the terms variable costs, fixed

> The administrators of the local hospital are interested in identifying the various costs and expenses that are incurred in producing a patient’s X-ray. A list of such costs and expenses is presented below: Classify various costs into different cost categ

> Sota Company is a manufacturer of personal computers. Various costs and expenses associated with its operations are as follows: Classify various costs into different cost categories. 1. _____ Property taxes on the factory building 2. _____ Production sup

> Caroline Company reported the following costs and expenses in May: Determine the total amount of various types of costs. Factory utilities ……………………………………………….. $ 15,500 Depreciation on factory equipment …………………….. 12,650 Depreciation on delivery trucks

> Wu-Li Corporation incurred the following costs while manufacturing its product: Identify types of costs and explain their accounting. Materials used in product ………………………………… $100,000 Depreciation on plant …………………………………………. 60,000 Property taxes on store

> Presented below is a list of costs and expenses usually incurred by Burrand Corporation, a manufacturer of furniture, in its factory: Classify costs into three classes of manufacturing costs. 1. _____ Salaries for assembly-line inspectors 2. _____ Insura

> The following information is available for Rolen Manufacturing Company. Prepare a cost of goods manufactured schedule. / / Prepare the cost of goods manufactured schedule for the month of April.

> Amanda Company accumulates the following data concerning a mixed cost, using units produced as the activity level. Calculate costs using high-low method and estimate total cost. a. Calculate the variable and fixed cost elements using the high-low metho

> Montana Company reports the following total costs at two levels of production. Classify types of costs. Classify each cost as variable, fixed, or mixed. 5,000 Units 10,000 Units Indirect labour $ 3,000 $ 6,000 Property taxes 7,000 7,000 Direct labo

> Diane Buswell, controller for Current Designs, reviewed the accounting records for a recent period and noted the following items. Instructions Classify each item as a product cost or a period cost. If an item is a product cost, note if it is a direct ma

> Information for Rafael Corp. is given in BE8.8. Suppose the accountant for Rafael Corp. uses normal costing and uses the budgeted volume of 50,000 units to allocate the fixed overhead rate rather than the actual production volume of 40,000 units. The com

> During 2020, Rafael Corp. produced 40,000 units and sold 40,000 for $15 per unit. Variable manufacturing costs were $6 per unit. Annual fixed manufacturing overhead was $80,000 ($2 per unit). Variable selling and administrative costs were $2 per unit sol

> Information for Large Orange Company is given in BE8.4. What is the total product cost for the company under throughput costing? Calculate product costs under throughput costing. Data from BE8.4: Large Orange Company produces basketballs. It incurred th

> When Waterways' management met to review the year-end financial statements, the room was filled with excitement. Sales had been exceptional during the year and every department had exceeded the budget and last year's sales totals. Several years ago, Wate

> You work for a firm of management consultants that offers assistance to new businesses. One of your clients is Shorttress Manufacturing, a company that manufactures a small, but vital, component for the specialized lighting industry. Shorttress is a new

> Scott Wadzicki was hired in January 2020 to manage the home products division of Advanced Techno. As part of his employment contract, he was told that he would get an extra $5,000 bonus for every 1% increase by which the division's profits exceeded the p

> BBG Corporation manufactures a synthetic element, pixie dust. Management was surprised to learn that income before taxes had dropped even though the sales volume had increased. Steps had been taken during the year to improve profitability. The steps incl

> The following data relate to a year's budgeted activity for Rickuse Limited, a company that manufactures one product: ……………………………………………………………………………………………………………………… Units Beginning inventory …………………………………………………………………………………….. 40,000 Production …………………………

> Information for Large Orange Company is given in BE8.4. What is the total product cost for the company under absorption costing? Calculate product costs under absorption costing. Data from BE8.4: Large Orange Company produces basketballs. It incurred th

> The vice-president for sales of Huber Corporation has received the following income statement for November, which was prepared on a variable costing system. The firm has just adopted variable costing for its internal reporting. // The controller attach

> DDD Golf Ltd. produces and sells special golf balls for $20 for a pack of three. In May 2020, the company manufactured 30,000 packs (its normal volume) and sold 28,000 packs. The beginning inventory on May 1, 2020, was 5,000 packs. Production information

> The Wei Nan Company manufactures and sells personal organizers. The following are the operating data for the company for 2019 and 2020: There was no beginning inventory on January 1, 2019. The company used the FIFO method to calculate the cost of inven

> Big Sports Manufacturing produces basketballs used for indoor and outdoor games. The company has had significant troubles over the past few years, as the number of competitors in the basketball market has increased dramatically. Recently, the company wa

> ComfortCraft manufactures swivel seats for customized vans. It currently manufactures 20,000 seats per year, which it sells for $680 per seat. It incurs variable costs of $340 per seat and fixed costs of $4,420,000. It is considering automating the uphol

> Portland Optics, Inc., specializes in manufacturing lenses for large telescope cameras used in space exploration. Since the specifications for the lenses are determined by the customer and vary considerably, the company uses a job-order costing system. I

> Wingfoot Co. began operations on July 1, 2019. By the end of its first fiscal year, ended June 30, 2020, Wingfoot had sold 10,000 wingers. Selected data on operations for the year ended June 30, 2020, follow. (Any balance sheet figures are as at June 30,

> Boat Refit Inc. produces and sells custom parts for powerboats. The company uses a costing system based on actual costs. Selected accounting and production information for fiscal 2020 is as follows: Calculate the product cost contribution margin under va

> The vice-president of Abscorp Ltd. is not happy. Sales have been rising steadily, but profits have been falling. In September 2020, Abscorp had record sales, but the lowest profits ever. The results for the months of July, August, and September 2020 foll

> Allerdyce Corporation Ltd. (ACL) prepares external financial statements using absorption costing and internal financial statements using variable costing. You have the following information for the operations of ACL for the past two years: Calculate the

> Large Orange Company produces basketballs. It incurred the following costs during the year: Calculate product costs under variable costing. Direct materials ……………………………. $14,400 Direct labour ………………………………….. 25,600 Fixed manufacturing overhead ………. 12,0

> Harrison Pumps is a division of Liverpool Controls Corporation. The division manufactures and sells a pump that is used in a wide variety of applications. During the coming year, it expects to sell 60,000 units for $30 per unit. Imran Qureshi manages the

> Zaki Metal Company produces the steel wire that is used for the production of paper clips. In 2020, the first year of operations, Zaki produced 60,000 km of wire and sold 50,000 km. In 2021, the production and sales results were exactly reversed. In each

> Information for SpongeFun Products is provided in P8.36B. Calculate the product cost and prepare an income statement under normal costing. Instructions a. Assume the company uses normal costing and uses the budgeted volume of 60,000 units to allocate th

> SpongeFun Products manufactures and sells a variety of swimming products. Recently, the company opened a new plant to manufacture a lightweight, inflatable boat. Cost and sales data for 2020 are shown below: Calculate the product cost; prepare income sta

> The Daniels Tool & Die Corporation has been in existence for a little over three years. The company's sales have been increasing each year as it builds a reputation. The company manufactures dies to its customers' specifications and therefore uses a

> Sun Company, a wholly owned subsidiary of Guardian Inc., produces and sells three main product lines. At the beginning of 2020, the president of Sun Company presented the budget to the parent company and accepted a commitment to contribute $15,800 to Gua

> Information for Xantra Corp. is provided in P8.32A. Calculate the product cost and prepare an income statement under normal costing. Instructions a. Assume the company uses normal costing and uses the budgeted volume of 25,000 pairs to allocate the fixe

> Xantra Corp. is a manufacturer of specialty in-line skates. The operating results for 2020 are as follows: Calculate the product cost; prepare income statements under variable costing, absorption costing, and throughput costing; and reconcile the differe

> Amanjeet Chinmayi left her job as the production manager of a medium-sized firm two years ago to join a new firm that was manufacturing a revolutionary type of fitness equipment. Amanjeet was made the general manager at the start of operations, and the f

> Information for Alta Products Ltd. is provided in P8.29A. Calculate the product cost and prepare an income statement under normal costing. Instructions a. Assume the company uses normal costing and uses the budgeted volume of 2,500 units to allocate the

> Determine whether each of the following costs would be classified as product costs or period costs under a throughput-costing system. Identify costs as product costs or period costs under throughput costing. Product Cost Period Cost Commission fees

> Alta Products Ltd. has just created a new division to manufacture and sell DVD players. The facility is highly automated and thus has high monthly fixed costs, as shown in the following schedule of budgeted monthly costs. This schedule was prepared based

> Basic Electric Motors is a division of Basic Electric Products Corporation. The division manufactures and sells an electric switch used in a wide variety of applications. During the coming year, it expects to sell 200,000 units for $8 per unit. Ester Mad

> AFN Company produces plastic that is used for injectionmoulding applications such as gears for small motors. In 2020, the first year of operations, AFN Company produced 4,000 tonnes of plastic and sold 3,500 tonnes. In 2021, the production and sales resu

> Blue Mountain Products manufactures and sells a variety of camping goods. Recently, the company opened a new plant to manufacture a lightweight, self-standing tent. Cost and sales data for the first month of operations (June 2020) are as follows: Calcula

> During its second year of operations, TGS Corporation produced 3,000 units and sold 2,800 units at $60 each. The beginning inventory comprised 100 units, and costs were unchanged from the previous year. Costs incurred during the second year were as follo

> Hardwood Inc. produces mostly wooden crates used for shipping products by ocean freighter. In 2020, Hardwood incurred the following costs: Calculate the manufacturing cost under absorption and variable costing and explain the difference. Wood used ……………

> Ortiz Company produced 9,000 units during the past year but sold only 8,200 of the units. The following additional information is also available: Determine the ending inventory under variable costing; determine whether absorption or variable costing woul

> Empey Manufacturing produces towels to be sold as souvenirs at sporting events throughout the world. Assume that units produced equalled units sold in 2020. The company's variable-costing income statement and other data are as follows: Calculate the prod

> Information for Bob's Company is provided in E8.19. Calculate the product cost and prepare an income statement under normal costing. Instructions a. Assume the company uses normal costing and uses the budgeted volume of 93,860 units to allocate the fixe

> Information for Bob's Company is provided in E8.19. Calculate the product cost and prepare an income statement under absorption costing. Instructions a. Assuming the company uses absorption costing, calculate Bob's manufacturing cost per unit for 2020.

> Determine whether each of the following costs would be classified as product costs or period costs under an absorption-costing system. Identify costs as product costs or period costs under absorption costing. Product Cost Period Cost Commission fees

> Bob's Company builds custom fishing lures for sporting goods stores. In its first year of operations, 2020, the company incurred the following costs: Calculate the product cost and prepare an income statement under variable costing. Variable cost per un

> Information for Asian Windows is given in E8.17. Calculate total product cost and prepare an income statement using normal costing. Instructions a. Assume the company uses normal costing and uses the budgeted volume of 8,000 units to allocate the fixed

> Asian Windows manufactures a hand-painted bamboo window shade for standard-size windows. Production and sales data for 2020 are as follows: Prepare income statements under absorption costing and variable costing. Instructions a. Prepare an income state

> Wu Equipment Company manufactures and distributes industrial air compressors. The following data are available for the year ended December 31, 2020. The company had no beginning inventory. In 2020, it produced 1,500 units but sold only 1,200 units. The u

> Information for Fresh Air Products is given in D8.12. Calculate total product cost and prepare an income statement using throughput costing. Instructions a. Assuming the company uses throughput costing: 1. Calculate the manufacturing cost per unit. 2. P

> Information for Fresh Air Products is given in D8.12. Calculate total product cost and prepare an income statement using normal costing. Instructions a. Assume the company uses normal costing and uses the budgeted volume of 13,500 units to allocate the

> Information for Fresh Air Products is given in D8.12. Calculate total product cost and prepare an income statement using variable costing. Instructions a. Assuming the company uses variable costing: 1. Calculate the manufacturing cost per unit. 2. Prepa

> Fresh Air Products manufactures and sells a variety of camping products. Recently the company opened a new plant to manufacture a deluxe portable cooking unit. Cost and sales data for the first month of operations are shown below: Calculate total product

> Caspian Company produced 20,000 units and sold 18,000 during the current year. Under absorption costing, net income was $25,000. Fixed overhead was $190,000. Determine the net income under variable costing. Determine net income under variable costing.

> Information for Rafael Corp. is given in BE8.8. Prepare absorption-costing income statement and reconcile the difference in net income under the two approaches. a. Prepare an absorption-costing income statement. b. Reconcile the difference between the ne

> Determine whether each of the following costs would be classified as product costs or period costs under a variable-costing system: Identify costs as product costs or period costs under variable costing. Product Cost Period Cost Commission fees for