Ramort Company reports the following for its single product. Ramort produced and sold 21,600 units this year. Direct materials Direct labor Variable overhead Fixed overhead $ 18 per unit $ 20 per unit $ 11 per unit $ 43,200 per year $ 4 per unit $ 66,800 per year $ 84 per unit Variable selling and administrative expenses Fixed selling and administrative expenses Sales price Compute gross profit under absorption costing. RAMORT COMPANY Gross Profit (Absorption Costing) Sales Cost of goods sold Gross profit 1,814,400 21,600

Ramort Company reports the following for its single product. Ramort produced and sold 21,600 units this year. Direct materials Direct labor Variable overhead Fixed overhead $ 18 per unit $ 20 per unit $ 11 per unit $ 43,200 per year $ 4 per unit $ 66,800 per year $ 84 per unit Variable selling and administrative expenses Fixed selling and administrative expenses Sales price Compute gross profit under absorption costing. RAMORT COMPANY Gross Profit (Absorption Costing) Sales Cost of goods sold Gross profit 1,814,400 21,600

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 1PA: The following product Costs are available for Haworth Company on the production of chairs: direct...

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Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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The following product Costs are available for Haworth Company on the production of chairs: direct materials, $15,500; direct labor, $22.000; manufacturing overhead, $16.500; selling expenses, $6,900; and administrative expenses, $15,200. What are the prime costs? What are the conversion costs? What is the total product cost? What is the total period cost? If 7,750 equivalent units are produced, what is the equivalent material cost per unit? If 22,000 equivalent units are produced, what is the equivalent conversion cost per unit?