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Maryville incorporated incurred the following costs during June: During the month, 53,000 units of product were manufactured and 48,000 units of product were sold, On
Maryville incorporated incurred the following costs during June: During the month, 53,000 units of product were manufactured and 48,000 units of product were sold, On June 1, Maryville carried no inventories. On June 30 , there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during June and the avprage cost per unit of product manufactured. b. Calculate the cost of goods sold during June. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $2,448,000 and the company's effective income tax rate was 30%. Prepare a traditional (absorption) income statement for Maryville for the month of June. Assume that sales for the month was $2,448,000 and the company's effective income tax rate was 30%. Allowance for bad debts Advertising expense Allowance for bad debts Commissions expense Cost of goods sold Depreciation expense Allowance for bad debts Depreciation expense General and administrative expenses Income before taxes Income tax expense Insurance expense Interest expense Interest income Operating income Other selling expenses Rent expense Salaries expense Sales Selling and administrative expenses Utilities expense Wages expense
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