Problem 3 Kyle Manufacturing Company produces various types of fertilizers. No beginning work in process or finished goods were on hand on January 1, 2012. The following are data provided by the company: 30, 000 finished goods were on hand on December 31, 2012. 95, 000 units were sold during the year No units in work in process inventories on December 31, 2012. Materials put into production amounts to P300, 000, 75% were direct materials (No beginning or ending materials inventory) Labor costs were P350, 000, 40% was for indirect labor Factory overhead costs other than indirect material and indirect labor were the following: Heat, light, water P120,000 Depreciation P75, 000 Property Taxes P65, 000 Repairs and maintenance P40,000 Selling Expenses were P80, 000 and general and administrative expenses were P50, 000. Required: Compute the following: 1. Cost of goods manufactured 2. Unit Cost (cost per unit of goods manufactured) 3. Prime Cost 4. Conversion cost 5. Period cost 6. Cost of Goods Sold 7. Net Income Problem 4 Sharp Enterprises Inventories: Raw material March 1 $18,000 9,000 27,000 March 31 $15,000 6,000 36,000 Work in process Finished goods Additional information for March: Raw material purchased $42,000 Direct labor payroll 30,000 Direct labor rate per hour 7.50 Overhead rate per direct labor hour 10.00 Required: 1. For March, prime cost incurred was 2. For March, conversion cost incurred was 3. For March, Cost of Goods Manufactured was Problem 5 Brandt Company manufactures wood file cabinets. The following information is available for June 2001: Beginning Ending Raw Material Inventory $ 6,000 $ 7,500 Work in Process Inventory 17,300 11,700 Finished Goods Inventory 21,000 16,300 II Required: 1. Refer to Brandt Company. Direct labor is $9.60 per hour and overhead for the month was $9,600. Compute total manufacturing costs for June, if there were 1,500 direct labor hours and $21,000 of raw material was purchased. 2. Refer to Brandt Company. Direct labor is paid $9.60 per hour and overhead for the month was $9,600. What are prime costs and conversion costs, respectively if there were 1,500 direct labor hours and $21,000 of raw material was purchased? 3. Refer to Brandt Company. Direct labor is paid $9.60 per hour and overhead for the month was $9,600. If there were 1,500 direct labor hours and $21,000 of raw material purchased, Cost of Goods Manufactured is: 4. Refer to Brandt Company. Direct labor is paid $9.60 per hour and overhead for the month was $9,600. If there were 1,500 direct labor hours and $21,000 of raw material purchased, how much is Cost of Goods Sold