Reference no: EM13901079
Types of Costs, Cost of Goods Manufactured, Absorption-Costing IncomeStatement
Palmer Manufacturing produces weather vanes. For the year just ended, Palmer produced10,000 weather vanes with the following total costs:
|
Direct Materials
|
$ 20,000
|
|
Direct Labor
|
35,000
|
|
Overhead
|
10,000
|
|
Selling expenses
|
6,250
|
|
Administrative expenses
|
14,400
|
During the year, Palmer sold 9,800 units for $12 each. Beginning finished goods inventoryconsisted of 630 units with a total cost of $4,095. There were no beginning or endinginventories of work in process.
Required:
1. Calculate the unit costs for the following: direct materials, direct labour, overhead,prime cost, and conversion cost.
2. Prepare schedules for cost of goods manufactured and cost of goods sold.
3. Prepare an absorption-costing income statement for Palmer Manufacturing.
|
Precedents set by george washington
: Washington created the first Presidential Cabinet. Who was on the Cabinet, and what Departments did they represent? Who is on the Cabinet today, and what Departments do they represent
|
|
Determine the electric field intensity everywhere in space
: The charge distribution within a spherical region bounded by radii a and b (a ) is given as ρv = k/r , where k is a constant. Determine the electric field intensity everywhere in space. What is the total flux passing through a surface at r = b?
|
|
How are the number of electoral votes decided for each state
: How are the number of electoral votes decided for each state?
|
|
Prepare the journal entry harbor will record
: Harbor (lessee) signs a five year capital lease for office equipment with a $10,000 annual lease payment. The present value of the five annual lease payments is $41,000, based on a 7% interest rate.
|
|
Prepare schedules for cost of goods manufactured
: Prepare schedules for cost of goods manufactured and cost of goods sold. Prepare an absorption-costing income statement for Palmer Manufacturing.
|
|
When we apply gauss''s law in a dielectric medium
: An electric field is given by -E = 10-a x + 20a-y + 20a-z V/m. Is this a uniform field? Why? What is its magnitude? What are the cosines of the angles it makes with the unit vectors?
|
|
Pay lip service to family commendation policies
: Doug. Dokolosky, a former IBM executive who specializes in coaching women, argues that “to reach the top require sacrifice and long hours. If that is your ambition, forget things like balancing work and family”. Do you think most US firms just pay li..
|
|
Identify legal and ethical issues involved
: Up to this point, Ed has been paying all of his employees a salary. Discuss the benefits and drawbacks of this procedure. In addition, identify legal and ethical issues involved. Consider also the impact on the business to have employees who potentia..
|
|
The apostles were confident that the holy spirit
: The apostles were confident that the Holy Spirit had been given to the Gentile believers. Why was this crucial for their decision in Acts 15? According to Dye, why is this same confidence crucial for missionaries today?
|