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Nevis Corporation manufactures and sells a single product. In preparing the budget for the first quarter, the company's cost accountant has assembled the following information. Units Dollars Sales (budgeted) Finished goods inventory, January 1 (actual) Finished goods inventory, March 31 (budgeted) Cost of finished goods manufactured (budgeted manufacturing costs are $30 per unit) 160,000 20,000 32,000 $6,400,000 500,000 ? ? The company uses the first-in, first-out method to report its inventory of finished goods. Required: a. Compute the planned production of finished goods (in units). b. Compute the cost of finished goods manufactured. c. Compute the finished goods inventory, March 31. d. Compute the cost of goods sold. Planned production of finished goods Cost of finished goods manufactured Ending finished goods inventory a. 160,000 units b. c. 32,000 d. Cost of goods sold

Nevis Corporation manufactures and sells a single product. In preparing the budget for the first quarter, the company's cost accountant has assembled the following information. Units Dollars Sales (budgeted) Finished goods inventory, January 1 (actual) Finished goods inventory, March 31 (budgeted) Cost of finished goods manufactured (budgeted manufacturing costs are $30 per unit) 160,000 20,000 32,000 $6,400,000 500,000 ? ? The company uses the first-in, first-out method to report its inventory of finished goods. Required: a. Compute the planned production of finished goods (in units). b. Compute the cost of finished goods manufactured. c. Compute the finished goods inventory, March 31. d. Compute the cost of goods sold. Planned production of finished goods Cost of finished goods manufactured Ending finished goods inventory a. 160,000 units b. c. 32,000 d. Cost of goods sold

FINANCIAL ACCOUNTING
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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Nevis Corporation manufactures and sells a single product. In preparing the budget for the first quarter, the company's cost accountant has assembled the following information. Units Dollars Sales (budgeted) Finished goods inventory, January 1 (actual) Finished goods inventory, March 31 (budgeted) Cost of finished goods manufactured (budgeted manufacturing costs are $30 per unit) 160,000 20,000 32,000 ? $6,400,000 500,000 ? The company uses the first-in, first-out method to report its inventory of finished goods. Required: a. Compute the planned production of finished goods (in units). b. Compute the cost of finished goods manufactured. c. Compute the finished goods inventory, March 31. d. Compute the cost of goods sold. Planned production of finished goods 160,000 units а. b. Cost of finished goods manufactured Ending finished goods inventory $ 32,000 C. d. Cost of goods sold
Transcribed Image Text:Nevis Corporation manufactures and sells a single product. In preparing the budget for the first quarter, the company's cost accountant has assembled the following information. Units Dollars Sales (budgeted) Finished goods inventory, January 1 (actual) Finished goods inventory, March 31 (budgeted) Cost of finished goods manufactured (budgeted manufacturing costs are $30 per unit) 160,000 20,000 32,000 ? $6,400,000 500,000 ? The company uses the first-in, first-out method to report its inventory of finished goods. Required: a. Compute the planned production of finished goods (in units). b. Compute the cost of finished goods manufactured. c. Compute the finished goods inventory, March 31. d. Compute the cost of goods sold. Planned production of finished goods 160,000 units а. b. Cost of finished goods manufactured Ending finished goods inventory $ 32,000 C. d. Cost of goods sold
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