### exercise 20 2 recording costs of materials lo p1 prepare journal entries to record t 3617746

Exercise 20-2 Recording costs of materials LO P1

 Prepare journal entries to record the following production activities.

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 to record the following production activities.

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.

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 Units Sold Cost of Sales 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.