hello I need help please GrandSlam Inc. incurred the following costs during March:Selling expensesDirect laborInterest expenseManufacturing overhead, actualRaw materials usedAdministrative expenses$161,600284,00042,300155,850463,000116,300During the month, 19,500 units of product were manufactured, and 10,100 units of product were sold. On March 1, GrandSlam carried noinventories. 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 thefinancial statements?d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were$1,035,000 and the company's effective income tax rate was 40%.Complete this question by entering your answers in the tabs below.Req A and BReq CReq Da. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. (Round 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 thefinancial statements?d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were$1,035,000 and the company's effective income tax rate was 40%.Complete this question by entering your answers in the tabs below.Req A and BReq CReq Da. 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 manufacturedAverage cost per unitb.Cost of goods soldKReq A and BReq C >

Raw materials: It is the primary input in manufacturing a product. Conversion costs like direct…

GrandSlam Inc. incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses $161,600 284,000 42,300 155,850 463,000 116,300 During the month, 19,500 units of product were manufactured, and 10,100 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 $1,035,000 and the company's effective income tax rate was 40%.

GrandSlam Inc. incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses $161,600 284,000 42,300 155,850 463,000 116,300 During the month, 19,500 units of product were manufactured, and 10,100 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 $1,035,000 and the company's effective income tax rate was 40%.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 21E: Ellerson Company provided the following information for the last calendar year: During the year,...

See similar textbooks

Similar questions

During the month, a company with no departmentalization incurred costs of 45,000 for materials, 36,000 for labor, and 22,500 for factory overhead. There were no units in process at the beginning or at the end of the month, and 20,000 units were completed. Determine the unit cost for the month for materials, labor, factory overhead, and the total unit cost. (Round unit costs to three decimal places.)
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
hello
Hello, Grandslam Inc incurred the following costs during March. Selling Expenses $156,100 Direct Labor 308,000 Interest Expense 41,800 Manufacturing Overhead, actual 45,930 Raw materials used 466,000 Admin Expenses 116,400 During the month, 18,100 units were manufactured and 10,600 units of products were sold. On March 1, Grandslam Inc. carried no inventories. On March 31, there were no inventories for raw materials or work in progress. Question 7d: Prepare a traditional (absorption) income statement for Grandslam Inc. for the month of June. Assume that sales for the month were $1,038,000 and the company's effective income tax rate was 30%. (Round "Average cost per unit" to 2 decimal places. Sales $1,038,000 Cost of Goods sold ? Gross Profit ? ? Operating Income ? ? Income Before taxes ? Income Tax Expense ? Net Income ? Thanks.
GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor $ 158,200 291,000 Interest expense 42,900 117,960 462,000 121,300 Manufacturing overhead, actual Raw materials used Administrative expenses During the month, 19,100 units of product were manufactured and 10,700 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 was $1,035,000 and the company's effective income tax rate was 30%. Complete this question by…
help please
hello help please
Hello, Buck and Company incurred the following costs during August: Raw materials purchased $41,400 Direct labor ($13.6 per hour) 60,384 Manufacturing overhead (actual) 90,420 Selling expenses 31,890 Administrative expenses 14,070 Interest expense 6,112 Manufacturing overhead is applied on the basis of $20 per direct labor hour. Assume that overapplied or underapplied overhead is transferred to the cost of goods sold only at the end of the year. During the month, 4120 units of product were manufactured and 4,400 units of product were sold. On August 1 and August 31, Buck and Company carried the following inventory balances. August 1 August 31 Raw materials $19,000 $17,800 Work in progress 53,000 56,000 Finished goods 40,100 27,267 Question a-1: Prepare a statement of costs of goods manufactured for the month of August. (Amounts to be deducted should be indicated by a minus sign). Buck and Company Statement of Goods manufactured for the month of…