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enfrow International manufactures and sells a single product. In preparing its master budget for the current quarter, the co ontroller has assembled the following information: Units Dollars Sales (budgeted) Finished goods inventory, beginning of quarter Finished goods inventory, end of quarter Cost of finished goods manufactured (budgeted manufacturing costs are $40 per unit) 180,000 45,600 33,600 $9,840,000 1,396,800 ? ? enfrow International uses the average cost method to report its inventory of finished goods.

enfrow International manufactures and sells a single product. In preparing its master budget for the current quarter, the co ontroller has assembled the following information: Units Dollars Sales (budgeted) Finished goods inventory, beginning of quarter Finished goods inventory, end of quarter Cost of finished goods manufactured (budgeted manufacturing costs are $40 per unit) 180,000 45,600 33,600 $9,840,000 1,396,800 ? ? enfrow International uses the average cost method to report its inventory of finished goods.

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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Renfrow International manufactures and sells a single product. In preparing its master budget for the current quarter, the company's controller has assembled the following information: Units Dollars Sales (budgeted) Finished goods inventory, beginning of quarter Finished goods inventory, end of quarter Cost of finished goods manufactured (budgeted manufacturing costs are $40 per unit) 180,000 45,600 33,600 $9,840,000 1,396,800 ? ? Renfrow International uses the average cost method to report its inventory of finished goods. Required: a. Compute the planned production of finished goods (in units). b. Compute the cost of finished goods manufactured. c. Compute the ending finished goods inventory. d. Compute the cost of goods sold. e. Compute the gross profit. Planned production of finished goods 168,000 units а. b. Cost of finished goods manufactured $ 6,720,000 Ending finished goods inventory С. d. Cost of goods sold е. Gross profit
Transcribed Image Text:Renfrow International manufactures and sells a single product. In preparing its master budget for the current quarter, the company's controller has assembled the following information: Units Dollars Sales (budgeted) Finished goods inventory, beginning of quarter Finished goods inventory, end of quarter Cost of finished goods manufactured (budgeted manufacturing costs are $40 per unit) 180,000 45,600 33,600 $9,840,000 1,396,800 ? ? Renfrow International uses the average cost method to report its inventory of finished goods. Required: a. Compute the planned production of finished goods (in units). b. Compute the cost of finished goods manufactured. c. Compute the ending finished goods inventory. d. Compute the cost of goods sold. e. Compute the gross profit. Planned production of finished goods 168,000 units а. b. Cost of finished goods manufactured $ 6,720,000 Ending finished goods inventory С. d. Cost of goods sold е. Gross profit
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