2024 – Exercise 20 2 Recording costs of materials LO P1 Prepare journal entries to

2024 – Exercise 20 2 Recording costs of materials LO P1 Prepare journal entries to.

Exercise 20-2 Recording costs of materials LO P1

>prepare journal entries Prepare journal entries to record the following production activities.

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Purchased $50,000 of raw materials on credit. Used $20,000 of direct materials in production. Used $18,500 of indirect materials. >     Exercise 20-3 Recording costs of labor LO P2 >prepare journal entries Prepare journal entries to record the following production activities.        >  >  >    >incurred total labor cost Incurred total labor cost of $79,000, which is paid in cash. Used $56,000 of direct labor in production. Used $23,000 of indirect labor. >    Completed goods lo p4 Exercise 20-5 Recording cost of completed goods LO P4 Prepare journal entries to record the following activities.         >  >  >    Transferred completed products with a cost of $128,000 to finished goods inventory Sold $443,000 of products on credit. Their cost is $167,000 >    >    Exercise 21-5 Predicting sales and variable costs using contribution margin LO C2 Bloom Company management predicts that it will incur fixed costs of $255,000 and earn pretax income of $427,500 in the next period. Its expected contribution margin ratio is 65%. >      >  >  >    Compute the amount of total dollar sales. Compute the amount of total variable costs >    Exercise 21-7 Cost behavior estimation-scatter diagram and high-low LO P1 Felix & Co. reports the following information about its sales and cost of sales. >    >period Period Units Sold Cost of Sales >period Period Units Sold Cost of Sales 1. 0        $ 2,560     6.        2,060     5,560     2. 460        >    3,160     7.        2,460     6,160     3. 860        >    3,760     8.        2,860     6,760     4. 1,260        >    4,360     9.        3,260     7,360     5. 1,660        >    4,960     10.        3,660     8,050     >    Hint: (Draw an estimated line of cost behavior using a scatter diagram offline.) >      Complete the below table to calculate the fixed cost and variable cost of sales by using the high-low method. (Round cost per unit to 2 decimal places.)   Exercise 21-12 Income reporting and break-even analysis LO C2   Blanchard Company manufactures a single product that sells for $120 per unit and whose total variable costs are $90 per unit. The company’s annual fixed costs are $432,000.         >