GrandSlam Inc. incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses $158,600 290,000 42,300 100,050 485,000 123,400 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%.

GrandSlam Inc. incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses $158,600 290,000 42,300 100,050 485,000 123,400 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%.

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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XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Process Finished Goods Cost of Goods Sold Direct materials OMR 3,440 OMR 8,450 OMR 61,880 Direct labor OMR 6,160 OMR 16,25OOMR 119,000 Manufacturing overhead applied OMR 3,300 OMR 6,050 OMR 45,000 Manufacturing overhead for the month was underapplied by OMR 7,000. The company allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts. The cost of goods sold for June after allocation of any underapplied or overapplied manufacturing overhead for the month is (rounded to nearest OMR) : OMR 220.084 Ob. OMR 220,720 OMR 231.676 O d. None of the given answer is correct Oe. OMR 232.293
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Huda Corporation’s accounting information system showed the following balances at the end of this period: Work in process $40,000 Finished goods 60,000 Cost of goods sold 100,000 Miss-applied overhead this period totaled $60,000; Huda maintains a single overhead account in its general ledger. If the miss-applied overhead is considered material, prepare the journal entry to record its disposition.
XYZ Company had the following information for the year: Direct materials used OMR 110,000 Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventory balance is an ending Work in Process Inventory balance of OMR 17,000. What was cost of goods manufactured? O a. None of the given answer is correct O b. OMR 393,000 Oc OMR 363,000 O d. OMR 383,000 O e. OMR 418,000 NEXT PAGE REVIOUS PAGE ACCT2121 Origin Co #general-chat- a Spotify Free
XYZ Co. has provided the following data for the month of June. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work In Cost of Goods Process Finished Goods Sold Direct materials OMR 3,440OMR 8,450 OMR 61,880 Direct labor OMR 6,160OMR 16,250OMR 119,000 Manufacturing overhead applied OMR 3,300OMR 6,050 OMR 45,650 Manufacturing overhead for the month was overapplied by OMR 7,000. The company allocates any underapplied or overapplied W
GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor Manufacturing overhead, actual Interest expense Raw materials used Administrative expenses $ 156,300 280,000 41,900 163,800 497,000 116, 200 During the month, 19,200 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 was $1,047,000 and the company's effective income tax rate was 35%.
debit to Work in Process of $660 credit to Work in Process of $660 debit to Work in Process of $31,980 credit to Work in Process of $31,980
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Khan Inc. has provided the following data for the month of April. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Work in Process Finished Goods Cost of Goods Sold Total Direct materials 5,640 7,540 72,460 85,640 Direct labor 5,430 13,780 80,220 99,430 Manufacturing overhead applied 4,990 8,400 56,700 70,000 Total 16,060 29,720 209,380 255,070 Manufacturing overhead for the month was overapplied by Rs. 6,000.The Corporation allocates any underapplied or overapplied manufacturing overhead among work in process, finished goods, and cost of goods sold at the end of the month on the basis of the manufacturing overhead applied during the month in those accounts.The cost of goods sold for April after allocation of overapplied manufacturing is?
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