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Question 1 The accounting records of the Eco Paper Company include the following information relating to the current year ended 31 March 2023: Materials Work in process Finished goods, 1 April (10,000 units @$21 per unit) Purchases of direct materials during year Direct labor costs assigned to production Manufacturing overhead applied to production 31 March 2023 $20,000 37,500 Required: 330,000 375,000 637,500 1 April 2022 $25,000 40,000 210,000 The company manufactures a single product; during the current, 45,000 units were manufactured and 40,000 units were sold. Selling price is set at 25 percent of gross profit. a. Prepare a DETAILED schedule of cost of goods manufactured in good format. b. Compute the average per unit cost of production during the year 2023. c. Determine the amount of revenue for the year 2023.

Question 1 The accounting records of the Eco Paper Company include the following information relating to the current year ended 31 March 2023: Materials Work in process Finished goods, 1 April (10,000 units @$21 per unit) Purchases of direct materials during year Direct labor costs assigned to production Manufacturing overhead applied to production 31 March 2023 $20,000 37,500 Required: 330,000 375,000 637,500 1 April 2022 $25,000 40,000 210,000 The company manufactures a single product; during the current, 45,000 units were manufactured and 40,000 units were sold. Selling price is set at 25 percent of gross profit. a. Prepare a DETAILED schedule of cost of goods manufactured in good format. b. Compute the average per unit cost of production during the year 2023. c. Determine the amount of revenue for the year 2023.

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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Question 1 The accounting records of the Eco Paper Company include the following information relating to the current year ended 31 March 2023: Materials Work in process Finished goods, 1 April (10,000 units @$21 per unit) Purchases of direct materials during year Direct labor costs assigned to production Manufacturing overhead applied to production 31 March 2023 $20,000 37,500 Required: 330,000 375,000 637,500 1 April 2022 $25,000 40,000 210,000 The company manufactures a single product; during the current, 45,000 units were manufactured and 40,000 units were sold. Selling price is set at 25 percent of gross profit. a. Prepare a DETAILED schedule of cost of goods manufactured in good format. b. Compute the average per unit cost of production during the year 2023. c. Determine the amount of revenue for the year 2023.
Transcribed Image Text:Question 1 The accounting records of the Eco Paper Company include the following information relating to the current year ended 31 March 2023: Materials Work in process Finished goods, 1 April (10,000 units @$21 per unit) Purchases of direct materials during year Direct labor costs assigned to production Manufacturing overhead applied to production 31 March 2023 $20,000 37,500 Required: 330,000 375,000 637,500 1 April 2022 $25,000 40,000 210,000 The company manufactures a single product; during the current, 45,000 units were manufactured and 40,000 units were sold. Selling price is set at 25 percent of gross profit. a. Prepare a DETAILED schedule of cost of goods manufactured in good format. b. Compute the average per unit cost of production during the year 2023. c. Determine the amount of revenue for the year 2023.
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i don't know why selling price is set at 25% of gross profit is equals to Gross Profit = 25% of sales

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