Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gourmet Bones manufactures its own brand of pet chew bones. At the end of December 2018, the accounting records showed the following: (Click the icon

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Gourmet Bones manufactures its own brand of pet chew bones. At the end of December 2018, the accounting records showed the following: (Click the icon to view the accounting records.) Read the requirements Requirement 1. Prepare a schedule of cost of goods manufactured for Gourmet Bones for the year ended December 31, 2018. (For accounts with a 50 balance, make sure to enter or in the appropriate column) Gourmet Bones Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Direct Materials Used: Direct Materials Used Marutacluing Overhead Choose from any list or enter any number in the input fields and then continue to the next question its own brand of pet chew bones. At the end of December 2018, the accounting records showed the following: accounting records.) * Data Table make sure to el chedule of cost of goods manufactured for Gourmet Box Gourmet Bones Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Beginning $ 13,500 $ Ending 7,500 3,500 5,200 0 0 $ 36,000 Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Other Information: Direct materials purchases Plant janitorial services Sales salaries Delivery costs Net sales revenue Utilities for plant Rent on plant Customer service hotline costs Direct labor 700 6,000 1,300 107.000 1,300 17,000 1,200 23,000 d: Print Done or enter any number in the input fields and then continue to the next question. Gourmet Bones manufactures its own brand of pet chew bones. At the end of December 2018, the accounting records showed the following: Click the icon to view the accounting records.) Read the requirements Total Manufacturing Overhead Total Manufacturing Costs incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirement 2. Prepare an income statement for Gourmet Bones for the year ended December 31, 2018. (For accounts with a $0 balance, make sure to enter in the appropriate column.) Gourmet Bones Income Statement Year Ended December 31, 2018 Revenue: Cost of Goods Sold: Choose from any list or enter any number in the input fields and then continue to the next question Click the icon to view the accounting records.) ad the requirements ast of Goods Sold: Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Operating Income Requirement 3. How does the format of the income statement for Gourmet Bones differ from the income statement of a merchandiser? A manufacturer's cost of goods sold is based on its In contrast, a merchandiser's cost of goods sold is based on its Choose from any list or enter any number in the input fields and then continue to the next question Cost of Goods Sold Gross Profit Selling and Administrative Expenses: Total Selling and Administrative Expenses Operating Income Requirement 3. How does the format of the income statement for Gourmet Bones differ from the income statomont of a merchandiser? A manufacturer's cost of goods sold is based on its In contrast, a merchandiser's cost of goods sold is based on its Requirement 4. Gourmet Bones manufactured 17,900 units of its product in 2018. Computo the company's unit product cost for the year, rounded to the nearest cent. Cost per unit Choose from any list or enter any number in the input fields and then continue to the next

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions