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Problem 1 6 . 2 A ( Static ) An Introduction to Product Costs ( LO 1 6 - 2 , LO 1 6 -
Problem A Static An Introduction to Product Costs LO LO LO
World Bridge Corporation manufactures a telecommunications device. During its first year of operations, the company started and completed devices at a cost of $ per unit. Of these, were sold for $ each and two remain in finished goods inventory. In addition, the company had six partially completed units in its factory at yearend. Total costs for the year summarized alphabetically were as follows:
Direct materials used $
Direct labor
Income tax expense
General and administrative expenses
Manufacturing overhead
Selling expenses
Required:
Compute the total manufacturing costs charged to work in process for the current year.
Compute the cost of finished goods manufactured for the current year.
Compute the cost of goods sold for the current year.
Compute the gross profit and net income for the current year.
Compute the dollar value of ending inventories of work in process and finished goods for the current year.
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