Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mickey Manufacturing Inc. incurred the following costs in February: Direct labor $5,000 Advertising costs $1,200 Indirect labor 2,500 Factory rent 2,000 Administrative salaries 750 Factory

Mickey Manufacturing Inc. incurred the following costs in February:

Direct labor

$5,000

Advertising costs

$1,200

Indirect labor

2,500

Factory rent

2,000

Administrative salaries

750

Factory depreciation

500

Raw materials purchased

6,000

Administrative rent

1,750

Indirect materials used

1,500

Administrative depreciation

250

In addition, the following information is also available:

Beginning

Ending

Raw materials

$ 1,100

$ 2,000

Work-in-process

10,500

9,000

Finished goods

4,000

5,660

Number of units produced

5,000 units

Number of units sold

(sales price of $25 per unit)

4,500 units

Required:

A.

Calculate total period costs.

B.

Calculate raw materials used.

C.

Calculate cost of goods manufactured.

D.

Calculate the product cost per unit.

E.

Calculate cost of goods sold.

F.

Calculate net income. (ignore taxes)

IF YOU ARE ONLY ABLE TO ANSER A FEW PLEASE ASNER D, E, F THANKS

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

Auditing Cases An Interactive Learning Approach

Authors: Mark S Beasley, Frank A. Buckless, Steven M. Glover, Douglas F Prawitt

7th Edition

0134421825, 9780134421827

More Books

Students also viewed these Accounting questions