Question
Concord Company has accumulated the following budget data for the year 2017. 1. Sales: 31,330 units, unit selling price $85. 2. Cost of one unit
Concord Company has accumulated the following budget data for the year 2017. 1. Sales: 31,330 units, unit selling price $85. 2. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,330 pounds; ending, 15,230 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes. Prepare a schedule showing the computation of cost of goods sold for 2017.
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