Chapter 13, Problem 27DQ

Provide answer to financial question below

Zachary Manufacturing Company began operations on January 1. During the year, it started and completed 1,610 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used Wages of production workers Salaries of administrative and sales personnel Depreciation on manufacturing equipment Depreciation on administrative equipment $ 3,210 $ 3,510 $1,980 $ 5,033 $1,815 Zachary sold 1,180 units of product. Required: 1. Determine the total product cost for the year. 2. Determine the total cost of the ending inventory. 3. Determine the total of cost of goods sold.

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For number four, record a journal entry for December 1-31 to record redemption and expected breakage revenue. The account titles in the journal entry are: DR. Unearned Gift Card Rvenue and Credit Sales Revenue and Sales Revenue (breakage), based an the information provided below, determine the amounts for each. Information: 1. On December 5, the store receive $550 from the Selig Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. 2. During December, cash sales totaled $810,600, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. 3. On December 10, the store purchased for cash three delivery trucks for $121,700. The trucks were purchased in a state that applies a 5% sales tax. 4. The store sold 27 gift cards for $100 per card. At year-end, 22 of the gift cards are redeemed. Metlock expects three of the cards to expire unused.

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Calculate it's gross margin ratio?? General accounting

Financial Accounting