Question
Just before class starts, you realize that you have mistakenly recycled the second page of your cost accounting homework assignment. Fortunately, you still have the
Just before class starts, you realize that you have mistakenly recycled the second page of your cost accounting homework assignment. Fortunately, you still have the first page of the printout from your spreadsheet (shown below) and you remember that you were able to determine the items on the recycled page from this information.
b. Find the direct materials used.
c. Find the purchases of direct materials. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.)
d. Find the sales revenue. (Round your final answer to the nearest whole dollar.)
| Direct materials inventory, January 1 | $ | 2,340 | |
| Direct materials inventory, December 31 | 2,128 | ||
| Work-in-process inventory, January 1 | 4,830 | ||
| Work-in-process inventory, December 31 | 6,170 | ||
| Finished goods inventory, January 1 | 24,220 | ||
| Finished goods inventory, December 31 | 25,220 | ||
| Cost of goods manufactured during this year | 603,980 | ||
| Total manufacturing costs | 605,320 | ||
| Direct labor | 266,400 | ||
| Manufacturing overhead | 219,000 | ||
| Average selling price per unit | 16 | ||
| Gross margin percentage (as a percentage of sales) | 43 | % | |
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