36. Each finished product of Carolina Cup requires two pounds of Product A and five pounds of Product B. Throughout the year, the company purchases enough raw materials to produce 500 finished products. Each pound of Product A costs $7, and each pound of Product B costs $8. The beginning and ending balances of raw materials inventory totaled $8,900 and $10,100, respectively. Calculate the cost of direct materials used for the year. 37. Carolina Cup employs five production employees who are paid an hourly wage of $9 per hour. Each employee works 800 hours a year. The company also incurred $42,000 of overhead, half of which should be allocated to the factory. Using the cost of direct materials calculated in Exercise 36, determine the total manufacturing costs for the year. 38. Carolina Cup's beginning work in process inventory had a balance of $45,750. The ending work in process inventory was exactly % of the beginning balance. Using the manufacturing costs incurred calculated in Exercise 37, determine the cost of goods manufactured during the year.

36. Each finished product of Carolina Cup requires two pounds of Product A and five pounds of Product B. Throughout the year, the company purchases enough raw materials to produce 500 finished products. Each pound of Product A costs $7, and each pound of Product B costs $8. The beginning and ending balances of raw materials inventory totaled $8,900 and $10,100, respectively. Calculate the cost of direct materials used for the year. 37. Carolina Cup employs five production employees who are paid an hourly wage of $9 per hour. Each employee works 800 hours a year. The company also incurred $42,000 of overhead, half of which should be allocated to the factory. Using the cost of direct materials calculated in Exercise 36, determine the total manufacturing costs for the year. 38. Carolina Cup's beginning work in process inventory had a balance of $45,750. The ending work in process inventory was exactly % of the beginning balance. Using the manufacturing costs incurred calculated in Exercise 37, determine the cost of goods manufactured during the year.

Name: 36. Each finished product of Carolina Cup requires two pounds of Prod
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Description: 36. Each finished product of Carolina Cup requires two pounds of Product A and five pounds ofProduct B. Throughout the year, the company purchases enough raw materials to produce 500finished products. Each pound of Product A costs $7, and each pound

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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