Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Deanie Inc. produced 16,000 computers during 2021. At the beginning of the year, Robbie had 1,200 computers and 1,000 computers at the end of the
Deanie Inc. produced 16,000 computers during 2021. At the beginning of the year, Robbie had 1,200 computers and 1,000 computers at the end of the year in finished goods inventory. Additional information per Robbie's accounting records: Beginning materials inventory - S Ending raw materials inventory - Raw materials purchased Sales supervisor salary Ending work-in-process inventory_ Beginning work-in-process inventory_ Beginning finished goods inventory_ Ending finished good inventory____ Sales commission Direct labor Indirect labor Factory rent Factory utilities Depreciation - Factory equipment Administrative salary 52,800 49,700 430,000 105,000 15,400 16,950 90,000 105,200 160,000 225,000 65,000 54,000 15,600 85,000 205,000 Required: 1. Prepare a statement of cost of goods manufactured. (20 points) - 2. Prepare a cost of goods sold schedule. (15 points) 3. What is the unit cost per computer? (10 points) 4. Prepare the income statement for Deanie's Inc. for the year 2021 if Sales are $5,200,000 (18.3 points) 5. Explain period costs. How do they differ from product costs? What is Robbie's Inc.'s total period costs for the year? (10 points) 6. Explain the three types of inventory for manufacturing companies. (10 points) Deanie Inc. produced 16,000 computers during 2021. At the beginning of the vear, Robble had 1,200 computers and 1,000 computers at the end of the year in finished goods inventory. Additional information per Robbie's accounting records: Required: 1. Prepare a statement of cost of goods manufactured. (20 points) - 2. Prepare a cost of goods sold schedule. (15 points) 3. What is the unit cost per computer? (10 points) 4. Prepare the income statement for Deanie's Inc. for the year 2021 if Sales are $5,200,000 (18.3 points) 5. Explain period costs. How do they differ from product costs? What is Robbie's Inc.'s total period costs for the year? (10 points) 6. Explain the three types of inventory for manufacturing companies. (10 points)
Deanie Inc. produced 16,000 computers during 2021. At the beginning of the year, Robbie had 1,200 computers and 1,000 computers at the end of the year in finished goods inventory. Additional information per Robbie's accounting records: Beginning materials inventory - S Ending raw materials inventory - Raw materials purchased Sales supervisor salary Ending work-in-process inventory_ Beginning work-in-process inventory_ Beginning finished goods inventory_ Ending finished good inventory____ Sales commission Direct labor Indirect labor Factory rent Factory utilities Depreciation - Factory equipment Administrative salary 52,800 49,700 430,000 105,000 15,400 16,950 90,000 105,200 160,000 225,000 65,000 54,000 15,600 85,000 205,000 Required: 1. Prepare a statement of cost of goods manufactured. (20 points) - 2. Prepare a cost of goods sold schedule. (15 points) 3. What is the unit cost per computer? (10 points) 4. Prepare the income statement for Deanie's Inc. for the year 2021 if Sales are $5,200,000 (18.3 points) 5. Explain period costs. How do they differ from product costs? What is Robbie's Inc.'s total period costs for the year? (10 points) 6. Explain the three types of inventory for manufacturing companies. (10 points)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started