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GrandSlam Inc. incurred the following costs during March: $158,600 290,000 42,300 100,050 485,000 123,400 Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses During the month, 18,500 units of product were manufactured and 11,100 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? nat sales for the month were

GrandSlam Inc. incurred the following costs during March: $158,600 290,000 42,300 100,050 485,000 123,400 Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses During the month, 18,500 units of product were manufactured and 11,100 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? nat sales for the month were

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were $1,043,000 and the company's effective income tax rate was 35%. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D es a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. (Round "Average cost per unit" to 2 decimal places.) b. Calculate the cost of goods sold during March. (Round "Average cost per unit" to 2 decimal places.) a. Cost of goods manufactured Average cost per unit b. Cost of goods sold Req Aand B Req C >
Transcribed Image Text:financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were $1,043,000 and the company's effective income tax rate was 35%. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D es a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. (Round "Average cost per unit" to 2 decimal places.) b. Calculate the cost of goods sold during March. (Round "Average cost per unit" to 2 decimal places.) a. Cost of goods manufactured Average cost per unit b. Cost of goods sold Req Aand B Req C >
GrandSlam Inc. incurred the following costs during March: $158,600 290,000 42,300 100,050 485,000 123,400 Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses During the month, 18,500 units of product were manufactured and 11,100 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were $1,043,000 and the company's effective income tax rate was 35%. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were $1,043,000 and the company's effective income tax rate was 35%. (Round "Average cost per unit" to 2 decimal places.)
Transcribed Image Text:GrandSlam Inc. incurred the following costs during March: $158,600 290,000 42,300 100,050 485,000 123,400 Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses During the month, 18,500 units of product were manufactured and 11,100 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were $1,043,000 and the company's effective income tax rate was 35%. Complete this question by entering your answers in the tabs below. Req A and B Req C Req D Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were $1,043,000 and the company's effective income tax rate was 35%. (Round "Average cost per unit" to 2 decimal places.)
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