Question

Exercise 9-13 (Part Level Submission) (Video) Fultz Company has accumulated the following budget data for the year 2020. 1. Sales: 31,160 units, unit selling price $88. 2. Cost of one unit of finished goods: direct materials 1 pound at $6 per pound, direct labor 3 hours at $13 per hour, and manufacturing overhead $6 per direct labor hour. 3. Inventories (raw materials only): beginning, 10,280 pounds; ending, 15,490 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000. 5. Income taxes: 30% of income before income taxes.

(a) Prepare a schedule showing the computation of cost of goods sold for 2020. FULTZ COMPANY Computation of Cost of Goods Sold For the Quarter Ending December 31, 2020For the Year Ending December 31, 2020December 31, 2020 Cost of one unit of finished goods:     Direct materials $     Direct labor     Manufacturing overhead           Total $ Cost of Goods Sold $ Click if you would like to Show Work for this question:

Answer 1

Answer-a)-

FULTZ COMPANY
COMPUTATION OF COST OF GOODS SOLD
FOR THE QUARTER ENDING DECEMBER 31,2020
PARTICULARS		AMOUNT
		$
Cost of one units of finished goods
Direct material	1 pound*$6 per pound	6
Direct labor	3 hours*$13 per hour	39
Manufacturing overhead	3 hours*$6 per hour	18
Total		63
Cost of goods sold	31160 units*$63 per unit	$1963080