Exercise 10-8A (Algo) Allocating product costs between ending inventory and cost of goods sold LO 10-...

Transcribed Image Text:

Exercise 10-8A (Algo) Allocating product costs between ending inventory and cost of goods sold LO 10- 3 Rooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP The company incurred the following costs: 1. Raw materials purchased and used-$3,100 2. Wages of production workers-$3,600 3. Salanes of administrative and sales personnel-$1,890 4. Depreciation on manufacturing equipment-$5,130 5. Depreciation on administrative equipment-$1,830. Rooney sold 1,030 units of product Required a. Determine the total product cost for the year b. Determine the total cost of the ending inventory (Do not round Intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) Total product cost 11.830 6. Total cost of ending inventory Total cost of goods sold Exercise 10-8A (Algo) Allocating product costs between ending inventory and cost of goods sold LO 10- 3 Rooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,690 units of product. The financial statements are prepared in accordance with GAAP The company incurred the following costs: 1. Raw materials purchased and used-$3,100 2. Wages of production workers-$3,600 3. Salanes of administrative and sales personnel-$1,890 4. Depreciation on manufacturing equipment-$5,130 5. Depreciation on administrative equipment-$1,830. Rooney sold 1,030 units of product Required a. Determine the total product cost for the year b. Determine the total cost of the ending inventory (Do not round Intermediate calculations.) c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) Total product cost 11.830 6. Total cost of ending inventory Total cost of goods sold