Answered step by step
Verified Expert Solution
Question
1 Approved Answer
GrandSlam Incorporated incurred the following costs during March: Selling expenses $ 157,800 Direct labor 294,000 Interest expense 40,800 Manufacturing overhead, actual 133,020 Raw materials used
GrandSlam Incorporated incurred the following costs during March:
Selling expenses | $ 157,800 |
---|---|
Direct labor | 294,000 |
Interest expense | 40,800 |
Manufacturing overhead, actual | 133,020 |
Raw materials used | 491,000 |
Administrative expenses | 118,300 |
During the month, 19,700 units of product were manufactured and 10,300 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:
- 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?
- How dio I calculate traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,040,000 and the company's effective income tax rate was 30%.
When I sumitted the answer, my calculationg were wrong, I cant figure out what I did wrong
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started