Need (d)

Anthony, the manager at Flint's Danishes, was excited to determine the company's profit this year. It was a break-out year for the company, especially after being selected to cater the World College Club Sports Athletes' Annual Meeting. The company was thrilled! The number and variety of danishes produced for that event alone doubled the company's sales for the year. Anthony knew the total sales amount but had yet to determine the total COGS. He hoped that it would be low relative to sales. Here are the transactions and amounts Anthony found when gathering information for his COGS calculation. Anthony was sure that not all of these amounts should be included in COGS but didn't know how to correctly sort them. (a) Fill in the third column of the above chart by identifying whether each cost item should be initially recorded as an asset or as an expense. (b) Fill in the fourth column of the chart by recognizing, if each item is considered to be inventoriable (product) cost or not. Salaries (executives and office staff) 140,000 eTextbook and Media Attempts: 2 of 3 used (c) Your answer is correct. Beginning and ending balances for several accounts for Flint's Danishes are as follows. Prepare a schedule of COGM and COGS in good form. Utilize relevant information as needed. Schedule of COGM \& COGS Less * : Ending Direct Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Utilities Wages Depreciation $ 47000 $ Total Manufacturing Costs Question 6 of 8 0.5/1 Total Manufacturing Costs Add : Beginning WIP Inventory Less : : Ending WIP Inventory Cost of Goods Manufactured Add : Beginning Finished Goods Inventory Less : : Ending Finished Goods Inventory Cost of Goods Sold eTextbook and Media Attempts: 1 of 3 used Given the costs you just calculated and recognizing that the company typically sets its selling prices at 150% of its product costs, what level of sales would Anthony have expected? What gross margin percentage would this generate? (Round gross margin percentage to 1 decimal place, e.g. 15.2\%.) Expected sales revenue Gross margin percentage $ %