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 B Req C Req D lculate the cost of goods manufactured during June and the average cost per unit of product manufactured. culate the cost of goods sold during June. Do not round intermediate calculations. f goods manufactured e cost per unit goods sold
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 B Req C Req D lculate the cost of goods manufactured during June and the average cost per unit of product manufactured. culate the cost of goods sold during June. Do not round intermediate calculations. f goods manufactured e cost per unit goods sold
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 14P: An examination of Buckhorn Fabricators records reveals the following transactions: a. On December...
Related questions
Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Topic Video
Question
Transcribed Image Text: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 B
Req C
Req D
lculate the cost of goods manufactured during June and the average cost per unit of product manufactured.
culate the cost of goods sold during June.
Do not round intermediate calculations.
f goods manufactured
e cost per unit
goods sold
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College