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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
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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
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