Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Item 2 1 0 points Time Remaining 4 hours 8 minutes 3 3 seconds 0 4 : 0 8 : 3 3 ReferencesCheck my workCheck

Item2
10
points
Time Remaining 4 hours 8 minutes 33 seconds04:08:33
ReferencesCheck my workCheck My Work button is now enabledItem 2
Time Remaining 4 hours 8 minutes 33 seconds04:08:33
Carlton Manufacturing Company provided the following details about operations in February:
Purchases of raw materials $ 190,000
Maintenance, factory 43,000
Direct labour 36,500
Depreciation, factory equipment 63,000
Indirect materials, factory 4,000
Selling and administrative salaries 48,500
Utilities, factory 30,000
Sales commissions 19,500
Insurance, factory equipment 5,000
Depreciation, sales equipment 24,000
Advertising expenses 117,500
Rent, factory building ?
The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows:
Beginning of Month End of Month
Raw materials $ 45,000?
Work in process 32,000?
Finished goods 25,000?
Raw materials used in production cost $209,000, total overhead costs for the month were $232,400, the goods available for sale totalled $440,000, and the cost of goods sold totalled $377,500.
Required:
1-a. Prepare a schedule of cost of goods manufactured of the companys income statement for the February.
1-b. Prepare a schedule cost of goods sold section of the companys income statement for the February.
Assume that the dollar amounts given above are for the equivalent of 19,000 units produced during the month. Compute the average cost per unit for direct materials used, and compute the average cost per unit for rent on the factory building.
Note: Round your answers to 2 decimal places.
Assume that in the following month the company expects to produce 24,000 units. What average cost per unit and total cost would you expect to be incurred for direct materials, and for rent on the factory building? Direct materials are a variable cost and rent is a fixed cost.
Note: Round "Unit cost" answers to 2 decimal places.
This part of the question is not part of your Connect assignment.Item2
10
points
Time Remaining 4 hours 8 minutes 33 seconds04:08:33
ReferencesCheck my workCheck My Work button is now enabledItem 2
Time Remaining 4 hours 8 minutes 33 seconds04:08:33
Carlton Manufacturing Company provided the following details about operations in February:
Purchases of raw materials $ 190,000
Maintenance, factory 43,000
Direct labour 36,500
Depreciation, factory equipment 63,000
Indirect materials, factory 4,000
Selling and administrative salaries 48,500
Utilities, factory 30,000
Sales commissions 19,500
Insurance, factory equipment 5,000
Depreciation, sales equipment 24,000
Advertising expenses 117,500
Rent, factory building ?
The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows:
Beginning of Month End of Month
Raw materials $ 45,000?
Work in process 32,000?
Finished goods 25,000?
Raw materials used in production cost $209,000, total overhead costs for the month were $232,400, the goods available for sale totalled $440,000, and the cost of goods sold totalled $377,500.
Required:
1-a. Prepare a schedule of cost of goods manufactured of the companys income statement for the February.
1-b. Prepare a schedule cost of goods sold section of the companys income statement for the February.
Assume that the dollar amounts given above are for the equivalent of 19,000 units produced during the month. Compute the average cost per unit for direct materials used, and compute the average cost per unit for rent on the factory building.
Note: Round your answers to 2 decimal places.
Assume that in the following month the company expects to produce 24,000 units. What average cost per unit and total cost would you expect to be incurred for direct materials, and for rent on the factory building? Direct materials are a variable cost and rent is a fixed cost.
Note: Round "Unit cost" answers to 2 decimal places.
This part of the question is not part of your Connect assignment.

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

Recommended Textbook for

Survey of Accounting

Authors: Edmonds, old, Mcnair, Tsay

2nd edition

9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555

More Books

Students also viewed these Accounting questions