1. Gears, Inc., manufactures a single product. During March, 6,700 units of product were manufactured, and 6,350 units of the product were sold. There were no beginning inventories. During March, the following costs were incurred: $ 76,900 132,600 64,800 46,700 19,300 9,300 Raw Materials Direct Labor Manufacturing Overhead Selling Expenses Administrative Expenses Interest Expense a. Calculate the total cost of goods manufactured during March, and the average cost of a single unit of the product. b. Calculate the cost of goods sold during March. c. Calculate the ending finished goods inventory for March. d. Where in the financial statements will the difference between the total cost of goods manufactured and cost of goods sold be classified?

1. Gears, Inc., manufactures a single product. During March, 6,700 units of product were manufactured, and 6,350 units of the product were sold. There were no beginning inventories. During March, the following costs were incurred: $ 76,900 132,600 64,800 46,700 19,300 9,300 Raw Materials Direct Labor Manufacturing Overhead Selling Expenses Administrative Expenses Interest Expense a. Calculate the total cost of goods manufactured during March, and the average cost of a single unit of the product. b. Calculate the cost of goods sold during March. c. Calculate the ending finished goods inventory for March. d. Where in the financial statements will the difference between the total cost of goods manufactured and cost of goods sold be classified?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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