Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. Information about Mobile Enterprises for the year ending December 31 is as follows: Sales Beginning inventories: Net income. Materials purchased. $300,000 8,000 113,200
1. Information about Mobile Enterprises for the year ending December 31 is as follows: Sales Beginning inventories: Net income. Materials purchased. $300,000 8,000 113,200 Direct materials. Selling and administrative expenses 18,000 Work in process Finished goods. 20,000 18,000 62,000 Ending direct materials is 20% larger than beginning direct materials. Ending work in process is half of the beginning work in process. Ending finished goods increased by $8,000 during the year. Prime costs and conversion costs are 70% and 60% of total manufacturing costs added, respectively. Required: Prepare a statement of cost of goods manufactured. (15 points) 2. Kapp Company needs to predict the labor cost in producing small ceramic dolls. The following production information is available: Year Dolls Produced Labor Hours Labor Dollars 2017 1,150 850 $17,000 2018 1,600 975 23,400 2019 1,100 800 25,600 2020 2,100 1,150 36,800 2021 1,500 950 34,200 2022 1,300 875 35,000 Wage rates have steadily increased since 2017; however, management expects no further increases for 2023.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started