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Q.1) Clevland Manufacturing Company began operations on January 1. During the accounting period, Clevland started and completed 3,000 units of product. The Company incurred the
Q.1) Clevland Manufacturing Company began operations on January 1. During the accounting period, Clevland started and completed 3,000 units of product. The Company incurred the following costs. a) Raw materials purchased and used -- $ 6,000 b) Wages f production workers -- $ 9,000 c) Salaries of administrative and sales personnel -- $ 3,600 d) Depreciation on manufacturing equipment -- $10,800 e) Depreciation on administrative equipment -- $ 4,200 f) Maintenance and repair cost for manufacturing equipment -- $ 2,400 Clevland sold 2,250 units of product. Required: a) Determine the total product cost for the period. b) Determine the amount of ending inventory c) Determine the amount of Cost of Goods Sold
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