GrandSlam Inc. Incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead,...

Transcribed Image Text:

GrandSlam Inc. Incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, satual Raw materials used Administrative expenses $156,600 307,000 41,500 124.200 497,000 123,000 During the month, 19,500 units of product were manufactured and 11,200 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) Income statement for GrandSlam for the month of March. Assume that sales for the month were $1,033,000 and the company's effective income tax rate was 35% Complete this question by entering your answers in the tabs below.. Req A and B Req C Req D a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. (Round "Average cost per unit" to 2 decimal places.) b. Calculate the cost of goods sold during March. (Round "Average cost per unit" to 2 decimal places.) a Cost of goods manufactured Average cost per unit b Cost of goods sold Reg C > GrandSlam Inc. Incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, satual Raw materials used Administrative expenses $156,600 307,000 41,500 124.200 497,000 123,000 During the month, 19,500 units of product were manufactured and 11,200 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) Income statement for GrandSlam for the month of March. Assume that sales for the month were $1,033,000 and the company's effective income tax rate was 35% Complete this question by entering your answers in the tabs below.. Req A and B Req C Req D a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. (Round "Average cost per unit" to 2 decimal places.) b. Calculate the cost of goods sold during March. (Round "Average cost per unit" to 2 decimal places.) a Cost of goods manufactured Average cost per unit b Cost of goods sold Reg C >