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For The Month Ending December 31-st Our Business had the Following Information: Beg Raw Materials Balance = $10,000 Direct Raw Materials Purchased=$100,000 Direct Raw Materials
For The Month Ending December 31-st Our Business had the Following Information:
- Beg Raw Materials Balance = $10,000
- Direct Raw Materials Purchased=$100,000
- Direct Raw Materials used into Job #1 =$25,000
- Direct Materials Used into Job#2 =$45,000
- In-Direct Raw Materials used into Production=$9,000
- Direct Labor costs for Job#1=$6,000 and Job#2 =$14,000,
- Indirect Labor costs=$7,000
- Factory Rent Costs=$13,000, Accounting Costs = $33,000
- Factory Equipment Costs = $43,000
- Marketing Costs =$8,000
- The Manufacturing Overhead Application Rate is 400% of Direct Labor Costs
- Both Jobs were Finished and Sold at the end of the month with a 80% markup over cost
QUESTIONS:
Compute the Total Cost to Produce Job #1 =
Compute the Total Cost to Produce Job #2 =
Compute the Sales Revenues in Total for Both Jobs =
Compute the Gross Profit in Total for Both Jobs =
Compute the Net Income in Total for Both Jobs =
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