{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-07T13:46:23-04:00", "answer_date": "2024-06-07 13:46:23", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "2418235", "url": "\/study-help\/questions\/grandslam-incorporated-incurred-the-following-costs-during-march-selling-expenses-2418235", "question_creation_date_js": "2024-06-07T13:46:23-04:00", "question_creation_date": "Jun 07, 2024 01:46 PM", "meta_title": "[Solved] GrandSlam Incorporated incurred the follo | SolutionInn", "meta_description": "Answer of - GrandSlam Incorporated incurred the following costs during March: Selling expenses $ 1 5 5 , 3 0 0 Direct labor 3 0 4 | SolutionInn", "meta_keywords": "grandslam,incorporated,incurred,costs,march,selling,expenses,$,1,5,3,direct", "question_title_h1": "GrandSlam Incorporated incurred the following costs during March: Selling expenses $ 1 5 5 , 3 0 0 Direct labor 3 0 4 , 0", "question_title": "GrandSlam Incorporated incurred the following costs during March: Selling expenses $ 1", "question_title_for_js_snippet": "GrandSlam Incorporated incurred the following costs during March Selling expenses $ 1 5 5 , 3 0 0 Direct labor 3 0 4 , 0 0 0 Interest expense 4 2 , 6 0 0 Manufacturing overhead, actual 9 6 , 8 0 0 Raw materials used 4 8 7 , 0 0 0 Administrative expenses 1 1 7 , 7 0 0 During the month, 1 9 , 3 0 0 units of product were manufactured and 1 1 , 1 0 0 units of product were sold On March 1 , GrandSlam carried no inventories On March 3 1 , there were no inventories for raw materials or work in process Required Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured Calculate the cost of goods sold during March Calculate the difference between cost of goods manufactured and cost of goods sold How will this amount be reported in the financial statements Prepare a traditional ( absorption ) income statement for GrandSlam for the month of March Assume that sales for the month was $ 1 , 0 4 9 , 0 0 0 and the company's effective income tax rate was 3 5 ", "question_description": "
GrandSlam Incorporated incurred the following costs during March:<\/span><\/div>
<\/div>
Selling expenses $ <\/span>1<\/mn>5<\/mn>5<\/mn>,<\/mo>3<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
Direct labor <\/span>3<\/mn>0<\/mn>4<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
Interest expense <\/span>4<\/mn>2<\/mn>,<\/mo>6<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
Manufacturing overhead, actual <\/span>9<\/mn>6<\/mn>,<\/mo>8<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
Raw materials used <\/span>4<\/mn>8<\/mn>7<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
Administrative expenses <\/span>1<\/mn>1<\/mn>7<\/mn>,<\/mo>7<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> <\/div>
During the month, <\/span>1<\/mn>9<\/mn>,<\/mo>3<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> units of product were manufactured and <\/span>1<\/mn>1<\/mn>,<\/mo>1<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> units of product were sold. On March <\/span>1<\/mn>,<\/mo><\/mrow><\/math> GrandSlam carried no inventories. On March <\/span>3<\/mn>1<\/mn>,<\/mo><\/mrow><\/math> there were no inventories for raw materials or work in process.<\/span> <\/div>
<\/div>
Required:<\/span><\/div>
Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured.<\/span><\/div>
Calculate the cost of goods sold during March.<\/span><\/div>
Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements?<\/span><\/div>
Prepare a traditional <\/span>(<\/mi><\/mrow><\/math>absorption<\/span>)<\/mi><\/mrow><\/math> income statement for GrandSlam for the month of March. Assume that sales for the month was $<\/span>1<\/mn>,<\/mo>0<\/mn>4<\/mn>9<\/mn>,<\/mo>0<\/mn>0<\/mn>0<\/mn><\/mrow><\/math> and the company's effective income tax rate was <\/span>3<\/mn>5<\/mn>%<\/mo>.<\/mo><\/mrow><\/math> <\/div><\/span> <\/div><\/div>", "transcribed_text": "", "related_book": { "title": "Intermediate Accounting", "isbn": "324376375, 0324375743I, 978-0324376371, 9780324375749, 978-0324312140", "edition": "16th Edition", "authors": "James D. Stice, Earl K. Stice, Fred Skousen", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/105.jpg", "uri": "\/textbooks\/intermediate-accounting-16th-edition-105", "see_more_uri": "" }, "free_related_book": { "isbn": "0763746835", "uri": "\/textbooks\/paramedic-calculations-for-medication-administration-1st-edition-9780763746834", "name": "Paramedic Calculations For Medication Administration", "edition": "1st Edition" }, "question_posted": "2024-06-07 13:46:23", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/d-j-hardys-checkbook-and-august-bank-statement-show-the", "description": "D. J. Hardys checkbook and August bank statement show the following: Requirement Prepare Hardys bank reconciliation at August31. 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