Maryville Inc. incurred the following costs during August: Raw materials used Direct labor Manufacturing overhead, actual Selling expenses Administrative expenses Interest expense a During the month, 5,900 units of product were manufactured and 3,600 units of product were sold. On August 1, Maryville carried no inventories. On August 31, there were no inventories other than finished goods. Required: Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured. Calculate the cost of goods sold during August. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? b. $ 39,300 68,000 46,100 29,330 15,070 10,000 Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were $217,231 and the company's effective income tax rate was 35%. Req A and B Complete this question by entering your answers in the tabs below. Req C a. Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during August. (Do not round intermediate calculations.) Req D Cost of goods manufactured Average cost per unit Cost of goods sold < Req A and B Req C >
Maryville Inc. incurred the following costs during August: Raw materials used Direct labor Manufacturing overhead, actual Selling expenses Administrative expenses Interest expense a During the month, 5,900 units of product were manufactured and 3,600 units of product were sold. On August 1, Maryville carried no inventories. On August 31, there were no inventories other than finished goods. Required: Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured. Calculate the cost of goods sold during August. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? b. $ 39,300 68,000 46,100 29,330 15,070 10,000 Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were $217,231 and the company's effective income tax rate was 35%. Req A and B Complete this question by entering your answers in the tabs below. Req C a. Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during August. (Do not round intermediate calculations.) Req D Cost of goods manufactured Average cost per unit Cost of goods sold < Req A and B Req C >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Maryville Inc. incurred the following costs during August:
Raw materials used
Direct labor
Manufacturing overhead, actual
Selling expenses
Administrative expenses
Interest expense
a
During the month, 5,900 units of product were manufactured and 3,600 units of product were sold. On August 1, Maryville carried no
inventories. On August 31, there were no inventories other than finished goods.
Required:
Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured.
Calculate the cost of goods sold during August.
Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the
financial statements?
b.
$ 39,300
68,000
46,100
29,330
15,070
10,000
Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were
$217,231 and the company's effective income tax rate was 35%.
Req A and B
Complete this question by entering your answers in the tabs below.
Req C
a. Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured.
b. Calculate the cost of goods sold during August. (Do not round intermediate calculations.)
Req D
Cost of goods manufactured
Average cost per unit
Cost of goods sold
< Req A and B
Req C >
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