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1. Inventory Valuation under Absorption Costing During the most recent year, Judson Company had the following data associated with the product it

1.

Inventory Valuation under Absorption Costing During the most recent year, Judson Company had the following data associated with the product it makes: Units in beginning inventory 300 Units produced 14,000 Units sold ($300 per unit) 12,700 Variable costs per unit:      Direct materials $20    Direct labor $60    Variable overhead $13 Fixed costs:      Fixed overhead per unit produced $30    Fixed selling and administrative $140,000 Required: 1.  How many units are in ending inventory?
  _________________   units 2.  Using absorption costing, calculate the per-unit product cost.
$   _________________   per unit 3.  What is the value of ending inventory under absorption costing?
$   _________________  


2.

Inventory Valuation under Variable Costing During the most recent year, Judson Company had the following data associated with the product it makes: Units in beginning inventory 300 Units produced 14,000 Units sold ($300 per unit) 12,700 Variable costs per unit:      Direct materials $20    Direct labor $60    Variable overhead $10 Fixed costs:      Fixed overhead per unit produced $30    Fixed selling and administrative $140,000 Required: 1.  How many units are in ending inventory?
  _________________   units 2.  Using variable costing, calculate the per-unit product cost.
$   _________________   per unit 3.  What is the value of ending inventory under variable costing?
$   _________________  


3.

Absorption-Costing Income Statement

During the most recent year, Osterman Company had the following data:

Units in beginning inventory
Units produced 10,000
Units sold ($47 per unit) 9,200
Variable costs per unit:  
   Direct materials $9
   Direct labor $6
   Variable overhead $4
Fixed costs:  
   Fixed overhead per unit produced $5
   Fixed selling and administrative $138,000

Required:

1.  Calculate the cost of goods sold under absorption costing.
$   _________________  

6.

Ordering Cost, Carrying Cost, and Total Inventory-Related Cost La Cucina Company sells kitchen supplies and housewares. Lava stone is used in production of molcajetes (mortars and pestles used in the making of guacamole) and is purchased from external suppliers. Each year, 9,500 pounds of lava stone is used; it is currently purchased in lots of 500 pounds. It costs La Cucina $5 to place the order, and carrying cost is $2 per pound per year. Required: 1.  How many orders for lava stone does La Cucina place per year? Round your answer to the nearest whole amount.
  _________________   orders per year 2.  What is the total ordering cost of lava stone per year?
$   _________________   3.  What is the total carrying cost of lava stone per year?
$   _________________   4.  What is the total cost of La Cucina’s inventory policy for lava stone per year?
$   _________________  


7.

Economic Order Quantity La Cucina Company sells kitchen supplies and housewares. Lava stone is used in production of molcajetes (mortars and pestles used in the making of guacamole) and is purchased from external suppliers. Each year, 8,200 pounds of lava stone is used; it is currently purchased in lots of 500 pounds. It costs La Cucina $6 to place the order, and carrying cost is $2 per pound per year. Required: 1.  What is the EOQ for lava stone? Round your answer to the nearest whole pound.
  _________________   pounds 2.  How many orders per year for lava stone will La Cucina place under the EOQ policy? Round your answer to the nearest whole order.
  _________________   orders per year 3.  What is the total annual ordering cost of lava stone for a year under the EOQ policy? Round your answer to the nearest dollar.
$   _________________   4.  What is the total annual carrying cost of lava stone per year under the EOQ policy? Round your answer to the nearest dollar.
$   _________________   5.  What is the total annual inventory-related cost for lava stone under the EOQ?
$   _________________  


8.

Reorder Point La Cucina Company sells kitchen supplies and housewares. Lava stone is used in production of molcajetes (mortars and pestles used in the making of guacamole) and is purchased from external suppliers. Each year, 8,000 pounds of lava stone is used; it is used evenly at the rate of 28 pounds per day. It takes La Cucina 7 days from the time of order to the time of arrival of the order. Required: Calculate the reorder point.
  _________________   pounds


 
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