Mustafa Manufacturing Company began operations on January 1 During the year, it started and completed 3,000 units of product The financial statements are prepared in accordance with GAAP The company incurred the following costs 1 Raw materials purchased and used $6,200 2 Wages of production workers...

a Raw materials purchased and used 6200 Wages of production work ...

Mustafa Manufacturing Company began operations on January 1. During the year, it started and completed 3,000 units

Question:

Mustafa Manufacturing Company began operations on January 1. During the year, it started and completed 3,000 units of product. The are prepared in accordance with GAAP. The company incurred the following costs:
1. Raw materials purchased and used-$6,200.
2. Wages of production workers-$7,400.
3. Salaries of administrative and sales personnel-$3,000.
4. Depreciation on manufacturing equipment-$4,400.
5. Depreciation on administrative equipment-$2,200.
Mustafa sold 2,400 units of product.
Required
a. Determine the total product cost for the year.
b. Determine the total cost of the .
c. Determine the total of cost of goods sold.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =... Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...