Calculate the profit(loss) for an accounting period using the following information; Food sales $600,000, Labor Costs $ 350,000, Operating Overhead (Operating Expenses) $250,000, Food Cost 40%, Total Sales $1,000,000, Beverage Sales 40%, Beverage Cost $80,000.
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- Given the following information, determine the amount of Profit or Loss: Cost of sales: $46,000 Cost of labor: $54,000 Cost of overhead: $39,000 Total Sales: $120,000Compute for the total cost per month using costing labor cost by the given data Compute for the percentage weight of the monetary benefit, non monetary benefit, and deferred monetary benefit Compute for the percentage of cost relevant to the sales of total labor cost, given that there are 40 employees in the company and the revenue of the company is 2,500,000 monthly.A company reports the following information for the current year: Units Produced (25,000)< Units Sold (15,000), DM ($9 per unit), DL ($11 per unit), VOH (total $75,000) and FOH (total $137,500). If the product is sold for $50 per unit and operating expenses are $200,000, compute the net income under absorption costing. O a. $80,500 O b. $122,500 c. $55,000 O d. $67,500
- From the following information prepare a cost sheet to find out the Profit. Raw materials purchased =32,250, Carriage on purchases =850, Direct wages =18,450, Factory overhead =2,750, Selling overhead= 2,450, Office overhead =1,850, Sales= 75,000, Sale of factory scrap= 250, Opening stock of finished goods =9,750, Closing stock of finished goods =11,100The accounting records of Younkin Corporation revealed the following selected costs: Sales commissions, $61,000; plant supervision, $215,000. and administrative expenses, $184,000. What is Younkin’s period costs total?Cost Classification Loring Company incurred the following costs last year: Required: 1. Classify each of the costs using the following table format. Be sure to total the amounts in each column. Example: Direct materials, 216,000. 2. What was the total product cost for last year? 3. What was the total period cost for last year? 4. If 30,000 units were produced last year, what was the unit product cost?
- The following are the information derived from financial statements of Al Tood Production SAOG. You are required to calculate the value of cost of goods sold, from the below information. The company earns a profit of 25% on cost, Opening stock of raw material is RO 10,000, Direct wages are RO 35,000, Factory overheads 50% of the material available for consumption, Closing stock of finished goods is RO 4,000, Purchases of raw material amounted to RO 40,000, Closing stock of work in progress is RO 2,000, Direct expenses are RO 20,000, Selling & Distribution overheads are 10% of direct wages, Opening stock of finished goods is RO 13,000, Closing stock of raw material is RO 5,000, Office & Administration overheads are RO 18,000 and Opening stock of work in progress is RO 4,000. a. RO 154,000 b. RO 196,875 c. RO 152,000 d. RO 153,000At the end of the year, overhead applied was $42,000,000. Actual overhead was $40,300,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to increase or decase and by how much?1. Calculate Lone Oak’s manufacturing overhead for the year. 2. Calculate Lone Oak’s cost of goods manufactured. 3. Compute the company’s cost of goods sold. 4. Determine net income for 20x1, assuming a 30% income tax rate. 5. Determine the number of completed units manufactured during the year.
- Using the information below, calculate gross profit for the period: Beginning Raw Materials Inventory $ 23,500 Ending Raw Materials Inventory 28,500 Beginning Work in Process Inventory 52,000 Ending Work in Process Inventory 61,000 Beginning Finished Goods Inventory 77,000 Ending Finished Goods Inventory 64,000 Cost of Goods Sold 525,000 Sales 1,224,000 Selling Expenses 217,000At the end of the first month of opening your business, you calculate the actual operating costs of the business and the income you earned. You also notice and document the difference in what you budgeted for certain materials and labor against the actual amounts you spent on the same. For your statement of cost of goods sold, use the following data regarding the actual costs incurred by the business over the past month: · Materials purchased: $20,000 o Consumed 80% of the purchased materials · Direct labor: $8,493 · Overhead costs: $3,765 Note: Assume that the beginning materials and ending work in process are zero for the month. Use the following revenue and cost information for the income statement. Note that the revenue you use will depend on the pricing level options you chose in Milestone Two. Also, assume that after accounting for weekends and other holidays, there were 20 business days in the first month of operation. For example, if you chose a sales price of $20 per…Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per per Month $ 20,800 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Repair-Hour $ 15.00 $ 7.60 $ 0.45 $ 1.80 $ 2,770 $ 5,730 $ 4,610 $ 3,880 Rent Administrative expenses $ 0.60 For example, wages and salaries should be $20,800 plus $15.00 per repair-hour. The company expected to work 2,600 repair-hours in May, but actually worked 2,500 repair-hours. The company expects its sales to be $49.00 per repair-hour. Required: Compute the company's activity variances for May. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 < Prev 4 of 4 Next ...... .....
