Munoz Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,080.Wages of production workers—$3,510.Salaries of administrative and sales personnel—$1,970.Depreciation on manufacturing equipment—$5,520.Depreciation on administrative equipment—$1,755. Munoz sold 1,210 units of product. RequiredDetermine the total product cost for the year.Determine the total cost of the ending inventory. (Do not round intermediate calculations.)Determine the total of cost of goods sold. (Do not round intermediate calculations.) a.Total product cost b.Total cost of ending inventory c.Total cost of goods sold

Product Cost Product cost refers to the costs incurred to create a product. These costs include…

Answered: Determine the total product cost for…

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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Munoz Manufacturing Company began operations on January 1. During the year, it started and completed 1,730 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs:

Raw materials purchased and used—$3,080.
Wages of production workers—$3,510.
Salaries of administrative and sales personnel—$1,970.
Depreciation on manufacturing equipment—$5,520.
Depreciation on administrative equipment—$1,755.

Munoz sold 1,210 units of product.

Required

Determine the total product cost for the year.
Determine the total cost of the ending inventory. (Do not round intermediate calculations.)
Determine the total of cost of goods sold. (Do not round intermediate calculations.)


a.	Total product cost
b.	Total cost of ending inventory
c.	Total cost of goods sold

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