INTERMEDIATE ACCOUNTING (ACCT 3200B)
10th Edition
ISBN: 9781307660647
Author: SPICELAND
Publisher: MCG/CREATE
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Solomon Manufacturing Company began operations on January 1.
During the year, it started and completed 1,790 units of product. The
financial statements are prepared in accordance with GAAP. The
company incurred the following costs:
1 Raw materials purchased and used
2 Wages of production workers
$ 3,060
$ 3,590
3 Salaries of administrative and sales personnel
$ 1,915
$ 6,417
$1,760
4 Depreciation on manufacturing equipment
5 Depreciation on administrative equipment
Solomon sold 1,030 units of product.
Required:
a. Determine the total product cost for the year.
b. Determine the total cost of the ending inventory.
c. Determine the total cost of goods sold.
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