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please help and show work Module 1: Chapter 2: Cost Flow (To be posted as a group assignment in your group discussion area) The following
please help and show work
Module 1: Chapter 2: Cost Flow (To be posted as a group assignment in your group discussion area) The following information for Transcontinental Inc. is provided. Use this information to answer the succeeding eight questions: Materials Inventory (Jan. 1) $41,500 Work-in-process Inventory (Jan. 1) 18,900 Finished Goods Inventory (Jan. 1) 26,400 Cost of materials purchased 145,700 Total direct labor costs 112,300 Depreciation - factory machinery 37,800 Small tools expense 9,100 Office supplies 23,000 Machine helpers wages 38,200 Miscellaneous factory expenses 15,600 Presidents salary 315.000 Power - factory 17,800 Factory insurance expense 10.600 Factory supervisors salary 89,300 Sales and advertisement 74,000 Power-office 7,200 Depreciation -office equipment 4,750 Materials inventory (Dec. 31) 18,200 Work-in-process inventory (Dec. 31) 42.200 Finished Goods Inventory (Dec. 31) 25.900 The sales for Transcontinental Inc, during this year were $1,645,000 and a total of 3,900 units were completed during the year. Compute the following for the year: 1. Cost of materials used? 2. Factory overhead? 3. Total manufacturing cost? Cost of goods manufactured? Cost of goods sold? Gross margin? 6. 7. Net Income (Loss)? 8. Unit Cost Step by Step Solution
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