Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Road Warrior Corporation began operations early in the current year, building luxury motor homes. During the year, the company started and completed 50 motor homes

Road Warrior Corporation began operations early in the current year, building luxury motor homes. During the year, the company started and completed 50 motor homes at a cost of $60,000 per unit. Of these, 48 were sold for $95,000 each and two remain in finished goods inventory. In addition, the company had six partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows: Direct materials used $ 794,000 Direct labor 895,000 Income tax expense 100,000 General and administrative expenses 500,000 Manufacturing overhead 1,530,000 Selling expenses 500,000 a. Compute the total manufacturing costs charged to work in process for the current year: (Omit the "$" sign in your response.) Total manufacturing costs $ b. Compute the cost of finished goods manufactured for the current year: (Omit the "$" sign in your response.) Cost of finished goods manufactured $ c. Compute the cost of goods sold for the current year: (Omit the "$" sign in your response.) Cost of goods sold $ d. Compute the gross profit on sales for the current year: (Omit the "$" sign in your response.) Gross profit on sales $ e. Compute the ending inventories of (1) work in process and (2) finished goods for the current year: (Omit the "$" sign in your response.) (1) Ending inventory of work in process $ (2) Ending inventory of finished goods $ check my work

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

Types of Interpersonal Relationships?

Answered: 1 week ago

Question

Self-Disclosure and Interpersonal Relationships?

Answered: 1 week ago