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Chapter 16: Q20RQ (page 885)
How does a merchandising company calculate unit cost per item?
The merchandising company calculates the unit cost per item by calculating a total number of items sold from the total cost of goods sold.
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Match the definition to the key term.
13. Triple bottom line
14. Value chain
15. Just-in-time management
16. Enterprise resource planning
17. Total quality management
a. A cost management system in which a company produces products just in time to satisfy needs.
b. A philosophy designed to integrate all organizational areas in order to provide customers with superior products and services, while meeting organizational goals throughout the value chain.
c. Software system that can integrate all of a company鈥檚 functions, departments, and data into a single system.
d. Evaluating a company鈥檚 performance by its economic (profits), social (people), and environmental (planet) impact.
e. Includes all activities that add value to a company鈥檚 products and services
Preparing a schedule of cost of goods manufactured and an income statement for a manufacturing company
Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Charlie Manufacturing Company. Fill in the blanks with the missing words, and replace the Xs with the correct amounts.
ing Direct Ending Direct Direct Manufacturing Overhead Total Costs Total Costs Ending Direct Materials Beginning Direct Materials Purchases of Direct Materials \( 26,000 \) X \( X X X (29,000) 177,000 50,000 \) X 51,000 81,000 (26,000) C
Net Sales Revenue Cost of Goods Sold Total Income Cost of Goods Sold: Gross Profit Expenses: Selling Expenses Administrative Expenses Cost of Goods Ending Beginning \( X 232,000 268,000 X 150,000 90,000 \) 118,000 X X X $ X CHARLIE MANUFACTURING COMPANY June 30
In 100 words or fewer, explain the difference between product costs and period costs. In your explanation, explain the inventory accounts of a manufacturer.
Identifying product costs and period costs Classify each cost of a paper manufacturer as either a product cost or a period cost:
h. Cost to purchase wood pulp.
Computing cost of goods manufactured
Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts.
Banner, Inc. Larry鈥檚 Bakery Sports Gear
Beginning Work-in-Process Inventory \( (a) \) 40,800 \( 2,200
Direct Materials Used 14,400 35,900 (g)
Direct Labor 10,300 20,100 1,900
Manufacturing Overhead (b) 10,000 900
Total Manufacturing Costs Incurred during the Year 45,200 (d) (h)
Total Manufacturing Costs to Account for 55,400 (e) 8,300
Ending Work-in-Process Inventory (c) (25,500) (2,600)
Cost of Goods Manufactured \) 50,500 \( (f) \) (i)
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