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Jarvis Company provided the following information regarding its first year of operations: Administrative salaries Depreciation on factory equipment Indirect materials Marketing costs Salaries for
Jarvis Company provided the following information regarding its first year of operations: Administrative salaries Depreciation on factory equipment Indirect materials Marketing costs Salaries for factory supervisors $ 62,800 18,800 6,800 68,000 42,000 Wages for production workers 117,660 Raw materials used 129,400 Research and development 46,000 Rent on factory building 25,000 Sales revenues 460,000 Sales salaries and other selling costs 84,000 Beginning inventory 0 units Number of units produced 27,000 Number of units sold 25,000 Required: Determine the following amounts: (a) Total overhead costs. (b) Total product costs. (c) Product cost per unit. Note: Round your answer to 2 decimal places. (d) Total cost of ending finished goods inventory. (e) Total cost of goods sold. Answer is complete but not entirely correct. a. Overhead costs $ 43,800 b. Product costs $ 290,860 x c. Product cost per unit $ 10.77 d. Total cost of ending finished goods inventory $ 21,540x e. Cost of goods sold $ 269,250
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