Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello, can someone please help me. I'm new to accounting and i'm having lots of trouble with this question. i would really appreciate your help

image text in transcribedimage text in transcribed

Hello, can someone please help me. I'm new to accounting and i'm having lots of trouble with this question. i would really appreciate your help

??

image text in transcribedimage text in transcribedimage text in transcribed
Problem 2- 8 Preparing Financial Statements ; Cost Behaviour ( LOT - CCI ; LOS - CC9, 10; LOG - CC 1 1 , 12) Selected account balances for the year ended December 31 are provided below for Superior Company :" Selling and administrative salaries* $ 109, 000 Insurance , factory 7, 400 Utilities , factory* $6, 0:00 Purchases of raw materials 27 7, 000 Indirect labour 6:4, 0.00 Direct labour Advertising expense 74, 400 Cleaning supplies , factory 7, 800 Sales commissions 51, 0:00 Rent , factory building 105, 000 Maintenance , factory 30, 000 Inventory balances at the beginning and end of the year were as follows :" Beginning of End of the Year the Year Raw materials* $ 61, 500 $ 13, 600 Work in process 34, 900 Finished goods 42, 000 ? The total manufacturing costs for the year were $723, 000 , the goods available for sale totalled $751 , 000 , and the cost of goods sold totalled $658, 000 .Required ." 1. a Prepare a schedule of cost of goods manufactured . SUPERIOR COMPANY* Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials :` Raw materials available for use Raw materials used in production Manufacturing overhead* Total overhead costs Total manufacturing costs Cost of goods manufactured1. 60 Prepare the cost of goods sold section of the company's income statement for the year . SUPERIOR COMPANY* Income Statement ( Partial! For the Year Ended December 31 Goods available for sale Cost of goods sold 2. Assume that the dollar amounts given above are for the equivalent of 50, 000 units produced during the year . Compute the average cost per unit for direct materials used and the average cost per unit for rent on the factory building . ( Round your answers 2 to decimal places . !" Average Cost Direct materials per unit Rent on the factory building per unit

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_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

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

Get Started

Recommended Textbook for

Financial Accounting with International Financial Reporting Standards

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

4th edition

1119504309, 1-119-50340-8, 9781119503408 , 978-1119504306

More Books

Students also viewed these Accounting questions