Question
Maryville Inc. incurred the following costs during August: Raw materials used $ 33,100 Direct labor 65,200 Manufacturing overhead, actual 44,800 Selling expenses 26,700 Administrative expenses
Maryville Inc. incurred the following costs during August: Raw materials used $ 33,100 Direct labor 65,200 Manufacturing overhead, actual 44,800 Selling expenses 26,700 Administrative expenses 19,400 Interest expense 9,100 During the month, 5,300 units of product were manufactured and 4,800 units of product were sold. On August 1, Maryville carried no inventories. On August 31, there were no inventories other than finished goods. Required: Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured. Calculate the cost of goods sold during August. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were $244,800 and the companys effective income tax rate was 30%.
Complete this question by entering your answers in the tabs below.
Req A and B
Req C
Req D
a. Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during August.
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Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements?
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repare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were $244,800 and the companys effective income tax rate was 30%.
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