User Account

All Pages

What is the total amount of prime costs

Assignment Help Accounting Basics
Reference no: EM132486746

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

$

85,000  

    Purchases of raw materials

$

130,000  

    Manufacturing overhead

$

203,000  

    Advertising expense

$

41,000  

    Sales salaries

$

104,000  

    Depreciation, office equipment

$

229,000  

 

Beginning
of the Year

End of
the Year

  Inventories:

 

 

 

 

 

 

    Raw materials

$

8,700

 

$

10,100

 

    Work in process

$

5,900

 

$

20,300

 

    Finished goods

$

78,000

 

$

25,300

 

Required:

Question 1. Prepare a schedule of cost of goods manufactured.

Question 2. Prepare the cost of goods sold section of Mason Company's income statement for the year.

Item2

Arden Company reported the following costs and expenses for the most recent month:

 

 

 

 

  Direct materials

$

85,000

 

  Direct labor

$

47,000

 

  Manufacturing overhead

$

24,000

 

  Selling expenses

$

27,000

 

  Administrative expenses

$

40,000

 

Required:

Question 1. What is the total amount of product costs?

Question 2. What is the total amount of period costs?

Question 3. What is the total amount of conversion costs?

Question 4. What is the total amount of prime costs?

Reference no: EM132486746

Questions Cloud

What are the production resource tools : Explain the differences in product routing in terms of component assignment and production capacity. What are the production resource tools?
How did leverage feedback from peers : How will these competencies and knowledge support your career advancement in financial management? How did you leverage feedback from your peers
Presentation to hospital nurses on pulmonary embolisms : You are the education coordinator at a local hospital. You have been asked to give a presentation to the hospital nurses on pulmonary embolisms
What economic conditions long-term rates : Discuss under what economic conditions long-term rates might not be higher than short-term rates (flat or inverted yield curve).
What is the total amount of prime costs : What is the total amount of prime costs? What is the total amount of conversion costs? What is the total amount of period costs?
Research to health and social provision : Justify the contribution of research to health and social provision and Critically evaluate a range of research philosophies - Analyse the ethical aspects
Discuss the hormones involved in fertility : Discuss the hormones involved in fertility. What is meant by 'Reproductive Age'? Discuss the process of fertilization.
What are state of the economy effects on asset management : What are state of the economy effects on asset management and impact of estate and other tax considerations to provide optimal financial outcomes
How can borrowers decisions affect the lenders : How can borrowers' decisions affect the lenders, after the loan is originated? What are some benefits of being a company owner / manager?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd