Answered step by step
Verified Expert Solution
Question
1 Approved Answer
solve and please show work 8,100 Cost Elow Assignment The following information for Transcontinental Inc. is provided. Use this information to answer the succeeding eight
solve and please show work
8,100 Cost Elow Assignment The following information for Transcontinental Inc. is provided. Use this information to answer the succeeding eight questions: Materials Inventory (Jan. 1, 2014) $33,500 Work-in-process Inventory (Jan. 1. 2014) 28,100 Finished Goods Inventory (Jan. 1, 2014) 36,700 Cost of materials purchased 192.000 Total direct labor costs 168,300 Depreciation - factory machinery 36,200 Small tools expense Office supplies 13,400 Machine helpers wages 48,500 Miscellaneous factory expenses 19,600 Presidents salary 125,000 Power - factory 27,100 Factory insurance expense 10,600 Factory supervisors salary 39,500 Sales and advertisement 18.000 Power-office 11,200 Depreciation - office equipment 8,500 Materials inventory (Dec 31, 2014) 28,200 Work-in-process inventory (Dec 31, 2014) 34,700 Finished Goods Inventory (Dec 31, 2014) 13,900 The sales for Transcontinental Inc. during 2014 were $1,050,000 and a total of 4,800 units were completed during the year. Compute the following for 2014: 1. Cost of materials used? 2. Factory overhead? 3. Total manufacturing cost? 4. Cost of goods manufactured? 5. Cost of goods sold? 6. Gross margin? 7. Net Income (Loss)? Unit Cost Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started