Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

NOP Manufacturing Company manufactures a single product. The following information is available for the month of June: Direct materials used: $550,000 Direct labor cost: $525,000



NOP Manufacturing Company manufactures a single product. The following information is available for the month of June:
Direct materials used: $550,000
Direct labor cost: $525,000
Variable manufacturing overhead: $495,000
Fixed manufacturing overhead: $505,000
Beginning finished goods inventory: $500,000
Ending finished goods inventory: $510,000
Beginning work in process inventory: $490,000
Ending work in process inventory: $495,000
Requirements:
a) Calculate the total manufacturing cost.
b) Calculate the cost of goods manufactured.
c) Calculate the cost of goods sold.
d) Calculate the gross profit.
e) Prepare a schedule of cost of goods manufactured.
f) Prepare a schedule of cost of goods sold.

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

Fundamental Accounting Principles

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

20th Edition

1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870

More Books

Students also viewed these Accounting questions