Score: 0 of 1 pt 6 of 9 (1 complete) HW Score: 2.02%, 0.18 of 9 pts P2-35 (similar to) Question Help The following data are for Michelle Retail Outlet Stores. The account balances (in thousands) are for 2017 (Click the icon to view the data.) Requirements 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017 Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. (a) Begin by completing the schedule of cost of goods purchased. Michelle Retail Outlet Stores Schedule of Cost of Goods Purchased For the Year Ended December 31, 2017 (in thousands) Add: Deduct: Cost of goods purchased Choose from any list or enter any number in the input fields and then click Check Answer Score: 0 of 1 pt 7 of 9 (1 complete) HW Score: 2.02%, 0.18 of 9 pts P2-36 (similar to) Question Help Wilson Plastics' selected data for August 2017 are presented here (in millions): (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the cost of direct materials inventory 8/31/2017 Direct materials inventory 8/31/2017 Score: 0 of 1 pt 8 of 9 (1 complete) HW Score: 2.02%, 0.18 of 9 pts Question Help P2-37 (similar to) Consider the following account balances (in thousands) for the Canseco Company: (Click the icon to view the account balances.) Requirements 1. Prepare a schedule for the cost of goods manufactured for 2017. 2. Revenues for 2017 were $315 million. Prepare the income statement for 2017 Requirement 1. Prepare a schedule for the cost of goods manufactured for 2017 Begin by preparing the schedule of cost of goods manufactured (in thousands). Start with the direct materials and labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured Canseco Company Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in thousands) Direct materials: Direct materials used Direct manufacturing labor Choose from any list or enter any number in the input fields and then click Check Answer %E2-21 (similar to) Question Help Maine Office Products (MOP) produces three different paper products at its Vaasa lumber plant: Supreme, Deluxe, and Regular. Each product has its own dedicated production line at the plant. It currently uses the following three-part classification for its manufacturing costs: direct materials, direct manufacturing labor, and manufacturing overhead costs. Total manufacturing overhead costs of the plant in July 2017 are $180 million ($18 million of which are fixed). This total amount is allocated to each product line on the basis of the direct manufacturing labor costs of each line. Summary data (in millions) for July 2017 are as follows: (Click the icon to view the data.) Read the requirements Requirement 1. Compute the manufacturing cost per unit for each product produced in July 2017 Begin by determining the formula needed to calculate the total manufacturing cost per unit. Total manufacturing costs Units produced - Total manufacturing cost per unit Using the formula you determined above, calculate the company's total manufacturing cost per unit for each type of product produced in July 2017 (Round your answers to the nearest cent.) Supreme Deluxe Regular Total manufacturing cost per unit produced in July Homework: Chapter 2 HW - Unlimited Attempts. Will use bests Save 2 of 9 (1 complete) HW Score: 2.02%, 0.18 of 9 pts Score: 0 of 1 pt E2-26 (similar to) Question Help Bridget Mayer is getting ready to open a small restaurant. She is on a tight budget and must choose between the following long-distance phone plans: Plan A: Pay 9 cents per minute of long-distance calling. Plan B: Pay a fixed monthly fee of $14 for up to 360 long-distance minutes and 6 cents per minute thereafter (if she uses fewer than 360 minutes in any month, she still pays $14 for the month). Plan C: Pay a fixed monthly fee of $21 for up to 460 long-distance minutes and 4 cents per minute thereafter (if she uses fewer than 460 minutes, she still pays $21 for the month). Read the requirements, Requirement 1. Match the graphs to the total monthly costs of the three plans for different levels of monthly long-distance calling Before we match the graphs to the plans, complete the following table, calculating the total costs for each plan at each of the different minute levels. (Round to the nearest cent.) Plan 100 minutes 360 minutes 560 minutes Homework: Chapter 2 HW - Unlimited Attempts. Will use bests Save Score: 0 of 1 pt 3 of 9 (1 complete) HW Score: 2.02%, 0.18 of 9 pts E2-27 (similar to) Question Help United Motors specializes in producing one specialty vehicle. It is called Surfer and is styled to easily fit multiple surfboards in its back area and top-mounted storage racks. United has the following manufacturing costs: (Click the icon to view the manufacturing costs.) Requirements 1. What is the variable manufacturing cost per vehicle? What is the foxed manufacturing cost per month? 2. Plot a graph for the variable manufacturing costs and a second for the fixed manufacturing costs per month. How does the concept of relevant range relate to your graphs? Explain. 3. What is the total manufacturing cost of each vehicle if 100 vehicles are produced each month? 225 vehicles? How do you explain the difference in the manufacturing cost per unit? United currently produces 180 vehicles per month Requirement 1. What is the variable manufacturing cost per vehicle? What is the fixed manufacturing cost per month? The variable cost per vehicle is $ P2-39 (similar to) Is Question Help The Rouse Corporation has the following account balances in millions): (Click the icon to view the account balances.) Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured for the year ended December 31, 2017 Begin by preparing the schedule of cost of goods manufactured (in millions). Start with the direct materials and labor costs, then indirect manufacturing costs, and finally complete the schedule by calculating the cost of goods manufactured Rouse Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct materials costs: Direct materials used Direct manufacturing labor costs Choose from any list or enter any number in the input fields and then click Check Answer. Homework: Chapter 2 HW - Unlimited Attempts. Will use bests Save 4 of 9 (1 complete) HW Score: 2.02%, 0.18 of 9 pts Score: 0 of 1 pt E2-28 (similar to) Question Help Sweetum Candies manufactures jaw-breaker candies in a fully automated process. The machine that produces candies was purchased recently and can make 4,100 per month. The machine costs $9,500 and is depreciated using straight line depreciation over 10 years assuming zero residual value. Rent for the factory space and warehouse and other fixed manufacturing overhead costs total $1,100 per month. Sweetum currently makes and sells 3,700 jaw-breakers per month. Sweetum buys just enough materials each month to make the jaw-breakers it needs to sell. Materials cost 10 cents per jaw-breaker. Next year Sweetum expects demand to increase by 100%. At this volume of materials purchased, it will get a 10% discount on price. Rent and other fixed manufacturing overhead costs will remain the same. Read the requirements Requirement 1. What is Sweetum's current annual relevant range of output? Sweetum's current annual relevant range of output is Score: 0 of 1 pt 5 of 9 (1 complete) HW Score: 2.02%, 0.18 of 9 pts P2-34 (similar to) Question Help The following data are for Michael Department Store. The account balances (in thousands) are for 2017 (Click the icon to view the account balances.) Requirements 1. Compute(a) the cost of goods purchased and (b) the cost of goods sold. 2. Prepare the income statement for 2017. Requirement 1. Compute (a) the cost of goods purchased and (b) the cost of goods sold. (a) Calculate the cost of goods purchased by completing the schedule. (If a box is not used in the schedule, leave the box empty; do not select a label or enter a zero.) Michael Department Store Schedule of Cost of Goods Purchased For the Year Ended December 31, 2017 (in thousands) Add: Deduct: Cost of goods purchased Choose from any list or enter any number in the input fields and then click Check Answer. P2-37 (similar to) Consider the following account b Company: (Click the icon to view the ad 0 Data Table - X actured for the income Requirement 1. Prepare a sched rect manufa: Begin by preparing the schedule complete the schedule by calcula Beginning of 2017 28,000 27,000 13,000 Canseco Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Schedule For the Year En Direct materials: End of 2017 29,000 20,000 24,000 78,000 26,000 16,000 7,000 17,000 2,000 105,000 22,000 Plant insurance Depreciation plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer-service costs General and administrative costs Direct materials used Direct manufacturing labor Print Done Choose from any list or enter a P2-39 (similar to) Question Help The Rouse Corporation has the following account balances (in millions): (Click the icon Requirement Data Table Prepare an incor costs, and Begin by prepari finally complete For Specific Date For Year 2017 S Direct materials inventory, Jan. 1, 2017 Work-in-process inventory, Jan 1, 2017 Finished goods inventory, Jan 1, 2017 Direct materials inventory, Dec 31, 2017 Work-in-process inventory, Dec 31, 2017 Finished goods inventory, Dec 31, 2017 Direct materials 19 Purchases of direct materials 9 Direct manufacturing labor 74 Depreciation-plant and equipment 20 Plant supervisory salaries 8 Miscellaneous plant overhead 53 Revenues Marketing, distribution, and customer-service costs Plant supplies used Plant utilities Indirect manufacturing labor Direct Direct manuf Print Done Choose from anorer Om TOT POR T O TOOR VOOR PITTORE x E2-21 (similar to) Maine Office Products (MOP) produces three different paper products at its Vaasa lumber plant: Supreme, Deluxe, and Regular. Each produc production line at the plant. It currently uses the following three-part classification for its manufacturing costs: direct materials, direct manufac manufacturing overhead costs. Total manufacturing overhead costs of the plant in July 2017 are $180 million ($18 million of which are fixed). allocated to each product line on the basis of the direct manufacturing labor costs of each line. Summary data (in millions) for July 2017 are a (Click the icon to view the data.) Read the requirements. 0 Data Table Requirement 1. Compute the manuf Begin by determining the formula ned Total manufacturing costs Supreme Deluxe Regular Direct material costs Using the formula you determined ab answers to the nearest cent.) ed in July Direct manufacturing labor costs Manufacturing overhead costs Units produced $ $ $ 84 13 46 80 $ S $ 52 25 84 120 $ $ $ 62 34 50 110 Total manufacturing cost per unit pro Print [Done] E2-27 (similar to) SQL United Motors specializes in producing one specialty vehicle. It is called Surfer and is styled to easily fit multiple surfboards in its back area and top-mounted storage racks. United has the following manufacturing costs: (Click the icon to view the manufacturing costs.) Requirements 1. What is the variable manufacturing cost per vehicle? What is manufacturing cost per month? 2. Plot a graph for the variable manufacturing costs and a secc manufacturing costs per month. How does the concept of re United currently produce i Data Table - X bove Jinth Requirement 1. What is The variable cost per ve Plant management costs, $2,124,000 per year Cost of leasing equipment, $1,800,000 per year Workers' wages, $600 per Surfer vehicle produced Direct materials costs: Steel, $1,500 per Surfer, Tires, $120 per tire, each Surfer takes 5 tires (one spare) City license, which is charged monthly based on the number of tires used in production: 0-500 tires $20,000 501-1,000 tires $70,000 more than 1,000 tires $220,000 Print Done P2-34 (similar to) The following data are for Michael Department Store. The account balances (in thousands) are for 2017 (Click the icon to view the account Requirements 0 Data Table 1. Compute (a) the cost of goods purd 2. Prepare the income statement for 2 $ Requirement 1. Compute (a) the cost o (a) Calculate the cost of goods purchase Marketing, distribution, and customer-service costs Merchandise inventory, January 1, 2017 Utilities : do not Michael Schedule of cd For the Year Ended De General and administrative costs Merchandise inventory, December 31, 2017 Purchases 38,000 29,000 18,000 46,000 39,000 154,000 2,000 9,000 3,000 8,000 290,000 Miscellaneous costs Add: Transportation-in Purchase returns and allowances Purchase discounts Deduct: Revenues Print Done Choose from any list or enter any nunior Thompere TOTO TE THOTT OTOR OTTORINO 6 of 9 (1 complete) HW Scor Score: 0 of 1 pt P2-35 (similar to) The following data are for Michelle Retail Outlet Stores. The account balances (in thousands) are for 2017 (Click the icon to view the data.) Requirements Data Table 1. Compute (a) the cost of goods 2. Prepare the income statement Marketing and advertising costs Requirement 1. Compute (a) the cog Merchandise inventory, January 1, 2017 (a) Begin by completing the scheduld Michel Schedule of For the Year Ended Shipping of merchandise to customers Depreciation on Store Fixtures Purchases General and administrative costs Merchandise inventory, December 31, 2017 Merchandise freight-in Purchase returns and allowances Purchase discounts 53,000 89,000 1,000 9,000 528,000 63,000 101,000 29,000 20,000 22,000 630,000 Add: Deduct: Revenues Print Done Choose from any list or enter any nommer P2-36 (similar to) Wilson Plastics' selected data for August 2017 are presented here (in millions): (Click the icon to view the data.) Read the requirements 0 Data Table Requirement 1. Calculate the cost of dire $ 110 Direct materials inventory 8/31/2017 Direct materials inventory 8/1/2017 Direct materials purchased Direct materials used Total manufacturing overhead costs Variable manufacturing overhead costs Total manufacturing costs incurred during August 2017 Work-in-process inventory 8/1/2017 Cost of goods manufactured Finished goods inventory 8/1/2017 Cost of goods sold 390 485 275 1,590 230 1,670 165 1,760 Print Done Choose from any list or enter any number in the input fields and then click Check