Records of Younas Fans show the following information for the first quarter of the year 2006: Direct material purchased 1,846,700 Direct labor 2,120,800 Factory overhead 764,000, Marketing expenses 520,000, Administrative expense 460,000 Sales (12,400 Fans) 6,750,000 Inventory opening Finished goods (100 fans) 45,000 Direct material 268,000 Inventory closing finished goods (200 fans) not known direct material 165,000 There was no opening and closing work in process inventory. Required: 1. Number of units manufactured during the quarter 2. Cost of goods manufactured statement for the quarter 3. Value of closing finished goods inventory 4. Income statement for the quarter 5. Gross profit per unit 6. Net profit per unit 7. Gross profit to sales ratio 8. Cost of goods sold to sales ratio
Records of Younas Fans show the following information for the first quarter of the year 2006:
Direct material purchased 1,846,700
Direct labor 2,120,800
Factory
Sales (12,400 Fans) 6,750,000
Inventory opening Finished goods (100 fans) 45,000
Direct material 268,000
Inventory closing finished goods (200 fans) not known direct material 165,000
There was no opening and closing work in process inventory.
Required:
1. Number of units manufactured during the quarter
2. Cost of goods manufactured statement for the quarter
3. Value of closing finished goods inventory
4. Income statement for the quarter
5. Gross profit per unit
6. Net profit per unit
7. Gross profit to sales ratio
8. Cost of goods sold to sales ratio
Step by step
Solved in 2 steps with 3 images
