Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mon Inc. a manufacturer of jewellery reported the following last month Assembly line, jewellery manufacturing salaries 19,000 Finished goods inventory, beginning 18,000 Finished goods inventory,

Mon Inc. a manufacturer of jewellery reported the following last month
Assembly line, jewellery manufacturing salaries 19,000
Finished goods inventory, beginning 18,000
Finished goods inventory, ending 21,000
General & administrative expenses 21,000
Indirect materials requisitioned to factory 17,200
Production Supervisor, Salary 19,000
Purchases of raw materials 28,550
Raw materials inventory, ending 19,750
Raw materials inventory, beginning 17,250
Rent on production factory 17,500
Rent, retail store 19,500
Sales 215,000
Utilities on manufacturing factory 17,150
Utilities, retail store 16,750
Wages, retail staff 19,000
WIP inventory, beginning 19,000
WIP inventory, ending 22,000

Assume the Manufacturing Overhead is perfectly applied. Answer the following questions. NO COMMAs, NO $

What is the cost of raw materials used in production?

What is Direct Labour?

What is Manufacturing Overhead?

What is the Total Manufacturing Costs?

What is the Cost of Goods Manufactured?

What is the Cost of Goods Sold?

What is Net Income?

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

Information Systems Control And Audit

Authors: Et Al. Hyo-Jeong Kim, Michael Mannino, Compiled By Koros Press Editorial Board

1st Edition

1781639426, 978-1781639429

More Books

Students also viewed these Accounting questions

Question

Describe how language reflects, builds on, and determines context?

Answered: 1 week ago