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whats wrong in my answers please ?? Maryville Inc. incurred the following costs during August: Raw materials used Direct labor Manufacturing overhead, actual Selling expenses
whats wrong in my answers please ??
Maryville Inc. incurred the following costs during August: Raw materials used Direct labor Manufacturing overhead, actual Selling expenses Administrative expenses Interest expense $ 33,100 65,200 44,800 26,700 19,400 9,100 During the month, 5,300 units of product were manufactured and 4,800 units of product were sold. On August 1, Maryville carried no inventories. On August 31, there were no inventories other than finished goods. Required: a. Calculate the cost of goods manufactured during August and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during August. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were $244,800 and the company's effective income tax rate was 30%. 6-1 Unit Exercise & Problem Set See LO Req A and B Reg C Reg D 4.61/6.25 points awarded Prepare a traditional (absorption) income statement for Maryville for the month of August. Assume that sales for the month were $244,800 and the company's effective income tax rate was 30%. Scored MARYVILLE INC Absorption Income Statement For the month of August Sales $ 244,800 Cost of goods sold (120,600) Gross loss x $ 115,200 Selling and administrative expenses 46.100 Income before taxes Xs 89.100 Interest expense 9.100 Operating income * $ 00,000 Interest expense 18,000 Net income $ 42,000 OOOO O
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