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751 The company manufactures a single product; during the current year, 45,000 units were manufac- tured and 40,000 units were sold. isido19 Instructions а. Prepare a schedule of the cost of finished goods manufactured for the current year. (Show a supporting computation of the cost of direct materials used during the year.) b. Compute the average per-unit cost of production during the current year. c. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. d. Compute the cost of the inventory of finished goods at December 31 of the current vear. assuming that the FIFO (first-in, first-out) method of inventory costing is used. Ravmond Engineering Co. for the purpose of manu-

751 The company manufactures a single product; during the current year, 45,000 units were manufac- tured and 40,000 units were sold. isido19 Instructions а. Prepare a schedule of the cost of finished goods manufactured for the current year. (Show a supporting computation of the cost of direct materials used during the year.) b. Compute the average per-unit cost of production during the current year. c. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. d. Compute the cost of the inventory of finished goods at December 31 of the current vear. assuming that the FIFO (first-in, first-out) method of inventory costing is used. Ravmond Engineering Co. for the purpose of manu-

FINANCIAL ACCOUNTING
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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current year. Dec. 31 Jan. 1 =hed $ 20,000 $ 25,000 Materials inventory 37,500 40,000 Work in process inventory 210,000 Finished goods inventory, Jan. 1 (10,000 units @ $21 per unit) Purchases of direct materials during year 330,000 Direct labor costs assigned to production 375,000 Manufacturing overhead 637,500
Transcribed Image Text:current year. Dec. 31 Jan. 1 =hed $ 20,000 $ 25,000 Materials inventory 37,500 40,000 Work in process inventory 210,000 Finished goods inventory, Jan. 1 (10,000 units @ $21 per unit) Purchases of direct materials during year 330,000 Direct labor costs assigned to production 375,000 Manufacturing overhead 637,500
751 The company manufactures a single product; during the current year, 45,000 units were manufac- tured and 40,000 units were sold. Instructions a. Prepare a schedule of the cost of finished goods manufactured for the current year. (Show a supporting computation of the cost of direct materials used during the year.) b. Compute the average per-unit cost of production during the current year. c. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. Compute the cost of the inventory of finished goods at December 31 of the current year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. d. founded Raymond Engineering Co. for the purpose of manu-
Transcribed Image Text:751 The company manufactures a single product; during the current year, 45,000 units were manufac- tured and 40,000 units were sold. Instructions a. Prepare a schedule of the cost of finished goods manufactured for the current year. (Show a supporting computation of the cost of direct materials used during the year.) b. Compute the average per-unit cost of production during the current year. c. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. Compute the cost of the inventory of finished goods at December 31 of the current year, assuming that the FIFO (first-in, first-out) method of inventory costing is used. d. founded Raymond Engineering Co. for the purpose of manu-
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