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Please help! just with question 6 please!! Thank you!! ( as soon as possible please ) The following information pertains to the most recent quarter

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Please help! just with question 6 please!! Thank you!! (as soon as possible please)
image text in transcribed

The following information pertains to the most recent quarter at Precious F Purchases of raw materials 375 , 000 Raw materials inventory, beginning 44,000 Raw materials inventory, ending 73,000 193, 21, 247 , oo 124, oo 288, ooo 113, 000 329, oo 267 , ooo 28,500 122 , 000 41,500 166, ooo 2. Prepare an income statement. e Answer is complete and correct. PRECIOUS PRODUCTION LIMITED Income Statement Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, Work in process inventory, Finished goods inventory, Finished goods inventory, Required: For the ended xxxx 3. Assume that the company produced the equivalent of 20,000 units of product during the quarter. What was the average cost per unit for direct labour? What was the average cost per unit for factory insurance? (Round your answers to 2 decimal places.) Answer is complete and correct. e Direct labour Insurance S 12.35 e per unit 1.05 e per unit beginning ending beginning end ing 4, 100 346,000 247 ,ooo 722,100 Sales Cost Of goods sold: Finished goods inventory, beginning Add: Cost Of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Selling and administrative expenses: Administrative expenses Selling expenses Operating income e $ 41,500 e e e 1 ,221 ,600 166,000 288,000 329,000 942,900 617,000 325,900 346,000 247 ,ooo 722,100 1,315,100 28,500 1,343,600 122,000 1 ,221 ,600 4. Assume that the company expects to produce 22,000 units of product during the coming quarter. What average cost per unit and what total cost would you expect the Company to incur for direct materials at this level of activity? For factory insurance? (In preparing your answer, assume that direct materials is a variable cost and that factory insurance is a fixed cost.) (Round "Average cost per unit" answers to 2 decimal places.) e Answer is complete and correct. Average 1. Prepare a schedule Of cost Of goods manufactured. e Answer is complete and correct. PRECIOUS PRODUCTION Schedule of Cost of Goods Manufactured Schedule of Cost of Goods Manufactured the quarter ended Direct materials Insurance unit 17.309 $ 0.950 $ 380,600 21 ,ooo Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Deduct: Raw materials inventory, ending Raw materials used in production Direct labour Manufacturing overhead: Depreciation , factory Insurance, factory Maintenance, factory Uilities, factory Supplies, factory Indirect labour Total overhead costs Total manufacturing costs Add: Work in process inventory, beginning e 44,000 375,000 419,000 73,000 193,000 21 ,ooo e 124,000 e 113,000 e 4,100 e 267 ,ooo Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Raw materials available for use Deduct: Raw materials inventory. ending Raw materials used in production Direct labour Manufacturing overhead: Depreciation, factory Insurance, factory Maintenance, factory Utilities, factory Supplies, factory Indirect labour Total overhead costs Total manufacturing costs Add: Work in process inventory, beginning Deduct: Work in process inventory, ending Cost of goods manufactured 44,000 e 375,000 419,000 73,000 193,000 e 21 ,ooo e 124,000 113,000 4,100 e 267 ,ooo 6. Assuming the company produced 27,000 fully and partially finished units during the quarter, determine the cost components of the finished goods inventory, which is composed Of 5,400 finished units. Answer is complete but not entirely correct. Direct materials Direct labour Manufacturing overhead Total $ 69,228 0 49,410 144,450 0 $ 263,088 1,315,100 28,500

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