Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
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

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

A Biodiversity Audit For Lotopue Mangrove Forests

Authors: Sapa Saifaleupolu, Fiu Mataese Elisara

1st Edition

6200288674, 978-6200288677

More Books

Students also viewed these Accounting questions

Question

Explain the concept of shear force and bending moment in beams.

Answered: 1 week ago

Question

5. Identify three characteristics of the dialectical approach.

Answered: 1 week ago

Question

6. Explain the strengths of a dialectical approach.

Answered: 1 week ago

Question

4. Explain the strengths and weaknesses of each approach.

Answered: 1 week ago