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Please just do B,C and 4! Thank you! I will rate up/thumbs up fast! The following costs relate to activity for Martin Company's month ended
Please just do B,C and 4! Thank you! I will rate up/thumbs up fast!
The following costs relate to activity for Martin Company's month ended March 2020. All amounts are stated in $1,000's . Indirect materials $300 Rent on factory building $500 Maintenance of equipment $50 Direct material used $1,200 Utilities on factory $250 Direct labour $1,500 Selling expense $500 Administrative expense $300 Work-in-process inventory, beginning $600 Work-in-process inventory, ending $800 Finished goods inventory, beginning $500 Finished goods inventory, ending $250 Sales for the month of March 2020 were $5,000. Required: (a.) Prepare a schedule of cost of goods manufactured in good form. (10 marks) Schedule Of Cost Of Goods Manufactured Direct material used 1,200 Direct labour 1,500 Manufacturing overhead Indirect materials 300 500 Rent on factory building Maintenance of equipment Utilities on factory 50 250 1.100 3.800 Total manufacturing overhead Total manufacturing cost Add: work in process inventory, beginning Less: work in process inventory, ending Cost of goods manufactured 600 (800) 3.600 (7 marks) (b.) Prepare an Income Statement in good form. 3. What were the total prime costs for the month? What was the average cost per unit for period costs? What was the average unit cost of the product? Question 3 5 marks 4. Cycle Business manufactures and sells road bikes and during peak production periods, employees need to work overtime. All ten of the employees are paid $25 per hour but re- ceive double time for each hour worked in excess of 35 hours. There were 3 hours of idle time. a) Calculate the total wages for a week if all the employees work 42 hours. (c.) Assume Martin Company produced the equivalent of 500 units during this particular month. (6 b) Of the total calculated above, how much would the company allocate to di- rect labour cost and how much to manufacturing overhead cost? marks) What were the total conversion costs for the monthStep by Step Solution
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