Assessment #1 _Cost Classification Inventory valuation Question 1 Part 1 Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry. The accounting records of the business reflect the following data at December 31, 2023: Inventory 1/1/2023 31/12/2023 Raw Materials $260,000 $230,000 Work In Progress $333,800 $218,800 Finished Goods $1,075,200 $615,000 Other information: Sales Revenue Factory supplies Direct Factory Labor Special Design Cost Raw Plant janitorial service Depreciation: Plant & Equipment Purchased Plant Utilities Plant supervisor's salary Property Taxes ¹ R & D for Graphic Designs Office Utilities Insurance on Plant & Equipment Delivery truck driver's wages Depreciation: Delivery truck Administrative Wages & Salaries Sales Commission $5,765,000 45,000 735,000 15,000 540,000 52,000 165,000 385,000 480,000 300,000 70,500 165,000 120,000 125,000 52,000 850,150 97,650 ¹ The property taxes should be shared: 60% manufacturing & 40% general & administrative costs. Required: a) Calculate the raw material used by Gopaul Electronics. b) What is the total factory overhead cost incurred by Gopaul Electronics during the period? c) Determine the prime cost & conversion cost of the product manufactured. [[[

Assessment #1 _Cost Classification Inventory valuation Question 1 Part 1 Gopaul Electronics designs and manufactures specialized switches for the telecommunications industry. The accounting records of the business reflect the following data at December 31, 2023: Inventory 1/1/2023 31/12/2023 Raw Materials $260,000 $230,000 Work In Progress $333,800 $218,800 Finished Goods $1,075,200 $615,000 Other information: Sales Revenue Factory supplies Direct Factory Labor Special Design Cost Raw Plant janitorial service Depreciation: Plant & Equipment Purchased Plant Utilities Plant supervisor's salary Property Taxes ¹ R & D for Graphic Designs Office Utilities Insurance on Plant & Equipment Delivery truck driver's wages Depreciation: Delivery truck Administrative Wages & Salaries Sales Commission $5,765,000 45,000 735,000 15,000 540,000 52,000 165,000 385,000 480,000 300,000 70,500 165,000 120,000 125,000 52,000 850,150 97,650 ¹ The property taxes should be shared: 60% manufacturing & 40% general & administrative costs. Required: a) Calculate the raw material used by Gopaul Electronics. b) What is the total factory overhead cost incurred by Gopaul Electronics during the period? c) Determine the prime cost & conversion cost of the product manufactured. [[[

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 4.8C

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