GrandSlam Incorporated incurred the following costs during March:Selling expensesDirect laborManufacturing overhead, actualInterest expenseRaw materials usedAdministrative expenses$ 156,300280,00041,900163,800497,000116, 200During the month, 19,200 units of product were manufactured and 11,100 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 was$1,047,000 and the company's effective income tax rate was 35%.

Summary of Answers:a. COGM $940,800 ; Average Cost per Unit $49b. COGS $543,900c. Difference of…

Answered: GrandSlam Incorporated incurred the…

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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Jackson Company had the following information for the year Direct materials used $299,900 Direct labor incurred (9,000 hours) Actual manufacturing overhead incurred $246,500 $343,500 Jackson Company used a predetermined overhead rate using estimated overhead of $411,600 and 8,400 estimated diredt laber hours Assume the only Inventory balance Is an ending Finished Goods balance of $19,100. How much overhead was applied during the year?
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Maryville incorporated incurred the following costs during June $ 30,400 83.200 42,200 27,500 13,020 10,000 Raw materials used Direct labor Manufacturing overhead, actual Administrative expensen swlling expenses During the month, 6,300 units of product were manufactured and 4,700 units of product were sold. On June 1, Maryville carried no inventories. On June 30, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? . Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $272,800 and the company's effective income tax rate was 40%. Complete this question by entering your answers in the tabs below. A and…
how can I resolve the problem below? Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 211,000 Purchases of raw materials $ 268,000 Direct labor ? Administrative expenses $ 157,000 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 54,000 $ 34,000 Work in process ? $ 28,000 Finished goods $ 36,000 ? The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $38,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods…
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
Chavez Corporation reported the following data for the month of July: Inventories: Raw materials Work in process Finished goods Additional information: Raw materials purchases Direct labor cost Beginning Ending $45,000 $39,000 $25,000 $35,000 $41,000 $56,000 $75,000 $100,000 $68,000 Manufacturing overhead cost incurred Indirect materials included in manufacturing overhead cost incurred Manufacturing overhead cost applied to Work in Process Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The direct materials cost for July is: $11,600 $67,000
Crane Corporation incurred the following transactions. 1. Purchased raw materials on account $58,430. 2. Raw Materials of $45,360 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $8,660 was classified as indirect materials. 3. Factory labor costs incurred were $75,520. 4. Time tickets indicated that $68,040 was direct labor and $7,480 was indirect labor. 5. Manufacturing overhead costs incurred on account were $101,430. 6. Depreciation on the company’s office building was $10,160. 7. Manufacturing overhead was applied at the rate of 150% of direct labor cost. 8. Goods costing $110,880 were completed and transferred to finished goods. 9. Finished goods costing $94,500 to manufacture were sold on account for $129,780. Journalize the transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No.…
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Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $17,792 Direct labor 28,982 Factory overhead 39,947 Work in process inventory, March. 1 17,999 Work in process inventory, March 31 18,186 Finished goods inventory, March 1 20,960 Finished goods inventory, March 31 24,711 a. Determine the cost of goods manufactured. b. Determine the cost of goods sold.
Reith Incorporated has provided the following data for the month of November. There were no beginning inventories; consequently, the direct materials, direct labor, and manufacturing overhead applied listed below are all for the current month. Direct materials Direct labor Manufacturing overhead applied Total Cost of Work In Finished Goods Sold Total Process Goods $1,850 $10,440 $ 58,560 $ 70,850 3,510 153,010 22,620 126,880 7,800 42,640 1,560 52,000 $6,920 $40,860 $228,080 $275,860 Manufacturing overhead for the month was overapplied by $4,000. 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 overhead applied during the month in those accounts. The cost of goods sold for November after allocation of any underapplied or overapplied manufacturing overhead for the month is closest to:

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