BS&T Partners has developed a new hubcap with the model name Spinnin' Wheel. Production and sales started August 3. As of August 2, there were no direct materials in inventory. Data for the month of August include the following Required: Complete the following table. (Round intermediate calculations to 2 decimal places.) Direct labor cost per unit Direct labor-hours worked, August Direct labor wage rate per direct labor-hour Direct materials cost per unit Direct materials cost per pound of direct material Direct materials inventory (cost), August 31 Direct materials inventory (pounds), August 31 Finished goods inventory (cost), August 31 Finished goods inventory (units), August 31 Manufacturing overhead cost per unit Operating profit, August Production (units), August Sales revenue, August Sales (units), August Sales price per unit Selling, general, and administrative costs per unit $ $ $ $ $ $ $ $ $ 11.00 20.00 9.75 19.00 10,260 33,000 20.50 66,600 710,400 16.75 hours pounds units units units

BS&T Partners has developed a new hubcap with the model name Spinnin' Wheel. Production and sales started August 3. As of August 2, there were no direct materials in inventory. Data for the month of August include the following Required: Complete the following table. (Round intermediate calculations to 2 decimal places.) Direct labor cost per unit Direct labor-hours worked, August Direct labor wage rate per direct labor-hour Direct materials cost per unit Direct materials cost per pound of direct material Direct materials inventory (cost), August 31 Direct materials inventory (pounds), August 31 Finished goods inventory (cost), August 31 Finished goods inventory (units), August 31 Manufacturing overhead cost per unit Operating profit, August Production (units), August Sales revenue, August Sales (units), August Sales price per unit Selling, general, and administrative costs per unit $ $ $ $ $ $ $ $ $ 11.00 20.00 9.75 19.00 10,260 33,000 20.50 66,600 710,400 16.75 hours pounds units units units

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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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

BS&T Partners has developed a new hubcap with the model name Spinnin' Wheel. Production and sales started August 3. As of
August 2, there were no direct materials in Inventory. Data for the month of August include the following
Required:
Complete the following table. (Round intermediate calculations to 2 decimal places.)
Direct labor cost per unit
Direct labor-hours worked, August
Direct labor wage rate per direct labor-hour
Direct materials cost per unit
Direct materials cost per pound of direct material
Direct materials inventory (cost), August 31
Direct materials inventory (pounds), August 31
Finished goods inventory (cost), August 31
Finished goods inventory (units), August 31
Manufacturing overhead cost per unit
Operating profit, August
Production (units), August
Sales revenue, August
Sales (units), August
Sales price per unit
Selling, general, and administrative costs per unit
F
$
$
$
$
$
$
$
$
$
$
11.00
20.00
9.75
19.00
10,260
33,000
20.50
66,600
710,400
16.75
hours
pounds
units
units
units

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