Cost of goods manufactured and sold The following information pertains to Pandey Manufacturing Company for March 2012.
Question:
Cost of goods manufactured and sold The following information pertains to Pandey Manufacturing Company for March 2012. Assume actual overhead equaled applied overhead.
Required
a. Prepare a schedule of cost of goods manufactured and sold.
b. Calculate the amount of gross margin on the income statement.
Transcribed Image Text:
March 1 Inventory balances Raw materials $125,000 120,000 78,000 Work in process Finished goods March 31 Inventory balances Raw materials $ 85,000 145,000 80,000 Work in process Finished goods During March Costs of raw materials purchased Costs of direct labor $120,000 100,000 63,000 350,000 Costs of manufacturing overhead Sales revenues
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Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds
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