# Glenville Company has the following information for April: Cost of direct materials used in production \$280,000 Direct labor 324,000 Factory overhead 188,900 Work in process inventory, April 1 72,300 Work in process inventory, April 30 76,800 Finished goods inventory, April 1 39,600 Finished goods inventory, April 30 41,200 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured.

Part 1 . Determine the cost of goods manufactured

Direct materials                                                                        \$280,000

Direct labor                                                                               \$324,000

Add Opening Stock of Work In Progress Inventory              \$72,300

Less Closing Stock of Work In Progress Inventory                 \$76,800

Cost of Goods Manufactured                                                  \$788,700

Therefore cost of goods manufactured is \$788,700

Part 2 . Statement of Cost of Goods Manufactured

Opening Stock of Finished Goods Inventory                            39,600

Add Cost of Goods Manufactured                                             788,700

Less Closing Stock of Finished Goods                                       (41,200)

Cost of Goods Manufactured                                                       787100

Explanation:

Part 1 . Determine the cost of goods manufactured

This is a calculation of all Overheads Incurred in the  Manufacturing process

Part 2 . Statement of Cost of Goods Manufactured

It is Important to note that Glenville Company is in the Manufacturing Business and their Cost of Sales cost from cost of Finished Goods.This would be the statement available for external use

## Related Questions

A university spent \$1.3 million to install solar panels atop a parking garage. These panels will have a capacity of 200 kilowatts (kW) and have a life expectancy of 20 years. Suppose that the discount rate is 30%, that electricity can be purchased at \$0.30 per kilowatt-hour (kWh), and that the marginal cost of electricity production using the solar panels is zero.Hint: It may be easier to think of the present value of operating the solar panels for 1 hour per year first.
Approximately how many hours per year will the solar panels need to operate to enable this project to break even?

It will take 6,534.31 hours per year for the solar panels to operate to enable this project to break even

Explanation:

Discount rate = 30% = 0.3

Looking at one hour of operation in each year = 200 kW x \$0.30 Kw/hr

= \$60 value of electricity per year

Compound interest factor for a discount rate of 30% = 3.3158

(taken from compound interest factor table or computed using formula ∑1/(1+r)^t , where r = 30%, and t = 1 to 30)

Present value of operating the solar panels for 1 hour per year = 60 × 3.3158 = \$ 198.95

For break even it would need to run = 1.3 million ÷ 198.95

= 6,534.31 hours per year

The solar panels need to operate for approximately 236,364 hours per year to enable this project to break even.

To determine the number of hours per year the solar panels need to operate to break even, we can calculate the present value of operating the solar panels for 1 hour per year over the 20-year lifespan of the panels.

The annual operating cost is \$0.30 per kWh, and the capacity of the solar panels is 200 kW. So, for each hour of operation, the cost is:

Cost per hour = 200 kW * \$0.30/kWh = \$60

Now, we'll calculate the present value of this cost over 20 years at a 30% discount rate:

PV Cost = \$60 / ≈ \$5.50

The university spent \$1.3 million upfront to install the panels. To break even, the present value of operating the panels should cover this cost:

\$1,300,000 = \$5.50 * X

Where X is the number of hours per year the panels need to operate. Solving for X:

X ≈ \$1,300,000 / \$5.50 ≈ 236,364 hours per year.

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Bogart Company is considering two alternatives. Alternative A will have revenues of \$160,000 and costs of \$100,000. Alternative B will have revenues of \$180,000 and costs of \$125,000. Compare Alternative A to Alternative B showing incremental revenues, costs, and net income.

Alternative A has lower incremental revenue but it's lower incremental costs makes the net income higher than of Alternative B.

Explanation:

Alternative A

The net income is computed with the formula as:

Net Income = Incremental Revenue - Incremental Cost

= \$160,000 - \$100,000

= \$60,000

Alternative B

The net income is computed with the formula as:

Net Income = Incremental Revenue - Incremental Cost

= \$180,000 - \$125,000

= \$55,000

Alternative A has lower incremental revenue but it's lower incremental costs makes the net income higher than of Alternative B.

Assuming the company is considering two alternatives.  Alternative A to Alternative B  net income is: \$60,000; \$55,000.

### Net income

Alternative A Alternative B Net Income Increase (Decrease)

Revenues \$ 160,000 \$100,000 \$60,000

(\$160,000-\$100,00)

Costs               \$180,000 125,000  \$55,000

(\$180,000-\$125,000)

Inconclusion Alternative A to Alternative B  net income is: \$60,000; \$55,000.

The following information is available for Elliot Company. January 1, 2013 2013 December 31, 2013
Raw materials inventory \$26,000 \$30,000
Work in process inventory 13,500 22,200
Finished goods inventory 30,000 21,000
Materials purchased \$170,000
Direct labor 220,000
Sales 800,00

Required:
Compute cost of goods manufactured \$____________________

The cost of goods manufactured is \$557,300

Explanation:

In order to calculate the cost of goods manufactured we would have to make the following calculation:

cost of goods manufactured=Work in process inventory 1/1+Total manufacturing costs-Work in process 12/31

Work in process inventory 1/1)= \$13,500

Total manufacturing costs=Direct materials used+Direct labor+Manufacturing overhead

Total manufacturing costs=166000+220000+180000=\$566,000

Work in process 12/31=\$22,200

Cost of goods manufactured=\$13,500+\$566,000  -\$22,200

Cost of goods manufactured=\$557,300

The cost of goods manufactured is \$557,300

When the Fed carries out contractionary monetary policy through selling bonds __________. Select the correct answer below: it reduces the supply of loanable funds which raises the interest rate it reduces the supply of loanable funds which lowers the interest rate it increases the supply of loanable funds which lowers the interest rate it increases the supply of loanable funds which increases the interest rate

Answer: it reduces the supply of loanable funds which raises the interest rate

Explanation: Contractionary monetary policy is a monetary policy that reduces the supply of money and increases interest rates and is carried out by the Fed through selling of bonds. This reduces the supply of loanable funds and increases the interest rate. It is driven by increases in the various base interest rates with a goal to reduce inflation by limiting the amount of active money in circulation.

An employee earns \$32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the current week totaled \$46,400. Assume further that the social security tax rate was 6.0%, the Medicare tax rate was 1.5%, and federal income tax to be withheld was \$515. a. Determine the gross pay for the week. \$ If applicable, round your final answer to two decimal places. b. Determine the net pay for the week. \$

a. Gross pay for the week = \$2,240

b. net pay for the week = \$683

Explanation:

a) gross pay for the week = total amount earned, before the deduction of taxes and other charges, it is calculated as follows:

amount earned per hour = \$32

amount earned in excess of 40 hours = 1.5 × 32 = \$48 per hour

Total hour worked = 60 hours

This means that in the first 40 hours, the employee earned 32\$ per hour and \$48 per hour for the next 20 hours

∴ amount earned in the first 40 hours = 32 × 40 = \$1,280

amount earned in the next 20 hours = 48 × 20 = \$960

∴ Gross pay for the week = 1,280 + 960 = \$2,240

b) net pay for the week = Gross pay - (Total deductions)

Deductions are as follows:

social security tax rate = 6.0% of gross pay = 0.06 × 2,240 = \$134.4

Medicare tax rate = 1.5% of gross pay = 0.015 × 2,240 = \$33.6

Federal income tax = \$515

Total deductions = 134.4 + 33.6 + 515 = \$683

∴ Net pay for the week = 2,240 - 683 = \$1,557

A stock currently sells for \$65. The dividend yield is 3.5 percent and the dividend growth rate is 4.8 percent. What is the amount of the dividend to be paid in one year

\$2.275

Explanation:

Calculation for the amount of the dividend to be paid in one year

Using this formula

D1 =Dividend yield* Stock Amount

Let plug in the formula

D1= .035(\$65)

D1= \$2.275

Therefore the amount of the dividend to be paid in one year will be \$2.275