Mustafa Manufacturing Company began operations on January 1. During the year, it started and completed 3,000 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$6,200. Wages of production workers—$7,400. Salaries of administrative and sales personnel—$3,000. Depreciation on manufacturing equipment—$4,400. Depreciation on administrative equipment—$2,200. Mustafa sold 2,400 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory. Determine the total of cost of goods sold.
Mustafa Manufacturing Company began operations on January 1. During the year, it started and completed 3,000 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$6,200. Wages of production workers—$7,400. Salaries of administrative and sales personnel—$3,000. Depreciation on manufacturing equipment—$4,400. Depreciation on administrative equipment—$2,200. Mustafa sold 2,400 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory. Determine the total of cost of goods sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Mustafa Manufacturing Company began operations on January 1. During the year, it started and completed 3,000 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs:
- Raw materials purchased and used—$6,200.
- Wages of production workers—$7,400.
- Salaries of administrative and sales personnel—$3,000.
Depreciation on manufacturing equipment—$4,400.- Depreciation on administrative equipment—$2,200.
Mustafa sold 2,400 units of product.
Required
-
Determine the total product cost for the year.
-
Determine the total cost of the ending inventory.
-
Determine the total of cost of goods sold.
| Total Product Cost | ||
| Total Cost of ending inventory | ||
| Total cost of goods sold |
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