Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please do on word document Q1 The following selected account balances for the year ended December 31 are provided for Amita Company: Purchases of raw

please do on word document

Q1

The following selected account balances for the year ended December 31 are provided for Amita Company:

Purchases of raw materials $260,000

Direct labour 65,000

Maintenance, factory 74,000

Selling and administrative salaries 179,000

Depreciation, factory equipment 110,000

Cleaning supplies 6,000

Sales commissions 350,000

Utilities, factory building 52,000

Rent, factory 90,000

Depreciation, sales equipment 80,000

Insurance, factory equipment 8,000

Advertising expense 300,000 In addition, you have the following information about inventories during the year:

Increase in raw materials $10,000

Decrease in work in process $15,000

Beginning finished goods $30,000 (1,000 units)

Ending finished goods $? (3,400 units)

Equivalent units produced $? (27,600 units) Cleaning supplies are in the factory. Assume the company uses FIFO. Required: (a.) Calculate the cost of the 27,600 equivalent units that were produced during the year. (b.) Calculate the cost of the ending finished goods inventory. (c.) Calculate the 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

Auditing Organizational Communication A Handbook Of Research Theory And Practice

Authors: Owen Hargie, Dennis Tourish

2nd Edition

0415414466, 978-0415414463

More Books

Students also viewed these Accounting questions