Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi, I need help getting the solutions for all of these problems. All the answers need to be in numerical form and if possible please
Hi, I need help getting the solutions for all of these problems. All the answers need to be in numerical form and if possible please show the breakdown of how you got each solution. The assignment is attached, Thanks!
ACCTG211 - Summer I 2016 (Section 101) Assignment #3 Due: Monday, June 20, 2016 Please submit a stapled hard copy in class. Clearly put your name on the top of your assignment. QUESTION 1 (three parts) The following information pertains to the Shoe Manufacturing Company. Using the amounts below, calculate: A. Direct materials used B. Cost of goods manufactured (COGM) C. Cost of goods sold (COGS) Beginning raw materials inventory $25,000 Ending raw materials inventory 28,000 Beginning work-in-process inventory 50,000 Ending work-in-process inventory 35,000 Beginning finished goods inventory 18,000 Ending finished goods inventory 25,000 Direct materials purchases 78,000 Direct labor 82,000 Indirect labor 15,000 Depreciation on factory 13,000 Depreciation on factory equipment 5,000 Maintenance on factory 4,000 Factory supervisor's wages 1,000 Salespeople's wages 3,000 Advertising expenses 42,000 QUESTION 2 (two parts) The Logo Company buys merchandise with logos imprinted on them, and then sells it to stores. Expected sales are: Month Expected Sales September $2,000,000 October 2,160,000 November 2,376,000 December 2,500,000 The company sets its prices so that its COGS is 70% of sales revenue, on average. Also, the company does not want inventory to fall below $400,000 plus 15% of the next month's COGS. Using the above information, prepare an inventory, purchases, and cost of goods sold budget for: A. October B. November QUESTION 3 (two parts) EZ Delivery Service records the following information for its delivery truck in 2014: Month January Miles Driven Truck Operating Costs 15,800 $5,460 February 17,300 5,748 March 14,600 4,935 April 16,000 5,310 May 17,100 5,830 June 15,400 5,420 July 14,500 5,020 Given this information, use the high-low method to determine: A. The cost equation for truck operating costs B. Predicted truck operating costs at a volume of 15,000 milesStep 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