• The following cost and inventory data are taken from the accounting records of Mason Company for the year just completed: Costs incurred: Direct labor cost Purchases of raw materials Manufacturing overhead Advertising expense Sales salaries Depreciation, office equipment Inventories: Raw materials Work in process Finished goods $ $ $ $ $ $ Beginning of the Year End of the Year $ 8,400 $ 5,600 $ 80,000 $10,500 $20,300 $25,200 84,000 138,000 202,000 42,000 107,000 226,000 Required: Prepare a schedule of cost of goods manufactured. MASON COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials available for use 0 1. Raw materials used in production Total manufacturing costs $0 0 0 Cost of goods manufactured $0 2. Prepare the cost of goods sold section of Mason Company’s income statement for the year. MASON COMPANY Schedule of Cost of Goods Sold Beginning finished goods inventory Goods available for sale 0 Cost of goods sold • Arden Company reported the following costs and expenses for the most recent month: Direct materials Direct labor Manufacturing overhead Selling expenses Administrative expenses $72,000 $34,000 $12,000 $15,000 $27,000 Required: 1. What is the total amount of product costs? 2. What is the total amount of period costs? 3. What is the total amount of conversion costs? 4. What is the total amount of prime costs? Mickley Company’s predetermined overhead rate is $22.00 per direct labor-hour and its direct labor wage rate is $14.00 per hour. The following information pertains to Job A-500: Direct materials Direct labor $280 $210 Required: 1. What is the total manufacturing cost assigned to Job A-500? Total manufacturing cost 2. If Job A-500 consists of 40 units, what is the average cost assigned to each unit included in the job? (Round your answer to 2 decimal places.) Average cost • per unit Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Units 73,000 53,000 Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May Percent Complete Materials Conversion 85% 50% 60% 30% $ 57,900 $ 17,000 251,200 271,200 $ 393,570 $ 244,261 Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for May for the first process. Materials Equivalent units of production Conversion 2. Compute the costs per equivalent unit for May for the first process. (Round your answers to 2 decimal places.) Materials Conversion Cost per equivalent unit 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in May. (Round your intermediate calculations to 2 decimal places.) Total Cost of ending work in process inventory Cost of units completed and transferred out
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