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Anyone able to solve this one? Had it solved once and if and entirely incorrect. The JW Bike Corp had the Following Costs and Balances
Anyone able to solve this one? Had it solved once and if and entirely incorrect.
The JW Bike Corp had the Following Costs and Balances during the Month as Follows; = 1. Beg Work in Process = $1,000, End Work-in-Process=$12,000 2. Beg Finished Goods=$40,000, End Finished Goods=$1,000 3. Beg Raw Materials=$12,000, Raw Materials Purchased = $88,000, 4. Raw Materials Used Directly into Products = $67,000 5. Raw Materials Used IN-Directly =$32,000 6. Production Manager Salary =$23,000, Direct Labor Costs = $115,000 7. Accounting Salaries =$33,000, Finance Dept. Equipment = $8,000 8. VP of Operations =$20,000, Factory Tools =$44,000 9. Marketing Costs =$6,000, Factory Rent = $55,000, CPA Costs=$21,000 10. Factory Security Costs =$15,000, Advertising Costs = $7,000 11. Factory Utilities = $5,000, Human Resource Salaries =$31,000 12. The Amount Charged to Customers for the Bikes included a 60% Markup over Cost. 1.Compute the Ending Balance of RAW Materials 1000 2.Compute the Total Manufacturing Overhead Costs Applied for the Month = 194000 3. Compute the Total Manufacturing Costs added During the Month = 376000 4. Compute the Total Cost of Work-in-Process = 5. Compute The Cost of Goods Manufactured for the Month = 6. Compute The Cost of Sold for the Month = 7. Compute the Total Sales Revenue for the Month = 8. Compute the Gross Profit for the Month = 9. Compute the Net Income for the Month = Step by Step Solution
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