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: $1,150,000 Direct labor cost: $1,125,000

  1. NOP Manufacturing Company manufactures a single product. The following information is available for the month of June:
  • Direct materials used: $1,150,000
  • Direct labor cost: $1,125,000
  • Variable manufacturing overhead: $1,095,000
  • Fixed manufacturing overhead: $1,105,000
  • Beginning finished goods inventory: $1,100,000
  • Ending finished goods inventory: $1,110,000
  • Beginning work in process inventory: $1,090,000
  • Ending work in process inventory: $1,095,000

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

Accounting Principles Part 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

6th Canadian edition Volume 1

1118306791, 978-1118306796

More Books

Students also viewed these Accounting questions