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Problem 2 - 1 7 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour [ LO 1 , LO 2 , LO 3 ,
Problem Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour LO LO LO LO LO The following information pertains to the most recent quarter at Precious Production Limited. Purchases of raw materials $ Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expenses Sales Utilities, factory Supplies, factory Selling expenses Indirect labour Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: Prepare a schedule of cost of goods manufactured. Prepare an income statement. Assume that the company produced the equivalent of 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 decimal places. Assume that the company expects to produce 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 decimal places. This part of the question is not part of your Connect assignment. Assuming the company produced fully and partially finished units during the quarter, determine the cost components of the finished goods inventory, which is composed of finished units.
Problem Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour LO LO LO LO LO
The following information pertains to the most recent quarter at Precious Production Limited.
Purchases of raw materials $
Raw materials inventory, beginning
Raw materials inventory, ending
Depreciation, factory
Insurance, factory
Direct labour
Maintenance, factory
Administrative expenses
Sales
Utilities, factory
Supplies, factory
Selling expenses
Indirect labour
Work in process inventory, beginning
Work in process inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
Required:
Prepare a schedule of cost of goods manufactured.
Prepare an income statement.
Assume that the company produced the equivalent of 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 decimal places.
Assume that the company expects to produce 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 decimal places.
This part of the question is not part of your Connect assignment.
Assuming the company produced fully and partially finished units during the quarter, determine the cost components of the finished goods inventory, which is composed of finished units.
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