Campbell Manufacturing Company began operations on January 1. During the year, it started and completed 1,650 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs:
1.Raw materials purchased and used---$3,150.
2,Wages of production workers--$3,490.
3.Salaries of administrative and sales personnel--$1,960.
4.Depreciation of manufacturing equipment--$4,415.
5.Depreciation on administrative equipment--$1,830.
Campbell sold 1,130 units of product.
Required
a. Determine the total product cost for the year.
b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.)
c. Determine the total of cost of goods sold. (Do not round intermediate calculations.)
(a) Calculations for Total Product Cost for the Year:-
Amount | |
---|---|
Total Product Cost:- | |
Raw Materials Purchased and Used | $3,150 |
Wages of Production Workers | 3,490 |
Depreciation of Manufacturing Equipment | 4,415 |
Total Product Cost | $11,055 |
Total Cost per unit=(Total Product Cost/Total Units Produced)
=($11,055/1,650 units )
=$6.7
(b) Calculations for Total Cost of Ending Inventory:-
Ending Inventory in units=(Total units Produced - Total units sold)
=(1,650-1,130) units
=520 units
Total Cost of Ending Inventory=(Ending Inventory in units × Product Cost per unit)
=(520 Units × $6.7)
=$3,484
(c) Calculations for Total of Cost of Goods Sold:-
Cost of Goods Sold=(Units Sold × Product Cost per unit)
=(1,130 units × $6.7)
=$7,571
Campbell Manufacturing Company began operations on January 1. During the year, it started and completed 1,650...
Vernon Manufacturing Company began operations on January 1. During the year, it started and completed 1,650 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,140. Wages of production workers—$3,490. Salaries of administrative and sales personnel—$1,890. Depreciation on manufacturing equipment—$5,415. Depreciation on administrative equipment—$1,830. Vernon sold 1,060 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory....
Solomon Manufacturing Company began operations on January 1. During the year, it started and completed 1.790 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,170 2. Wages of production workers-$3,590. 3. Salaries of administrative and sales personnel-$1,970. 4. Depreciation on manufacturing equipment-$5,770. 5. Depreciation on administrative equipment-$1,810. Solomon sold 1,130 units of product. Required a. Determine the total product cost for the year. b. Determine...
Finch Manufacturing Company began operations on January 1. During the year, it started and completed 1650 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs 1. Raw materials purchased and used $3,150. 2 Wages of production workers-$3,510 3. Salarnies of administrative and sales personnel-$1,970. 4. Depreciation on manufacturing equipment-$5.220. 5. Depreciation on administrative equipment-$1,795 Finch sold 1,050 units of product Required a. Determine the total product cost for the year b....
Gibson Manufacturing Company began operations on January 1. During the year, it started and completed 1,710 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,130. Wages of production workers—$3,610. Salaries of administrative and sales personnel—$1,945. Depreciation on manufacturing equipment—$4,717. Depreciation on administrative equipment—$1,775. Gibson sold 1,220 units of product. Required Determine the total product cost for the year. Determine the total cost of the ending inventory....
Rooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,640 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,140. Wages of production workers—$3,590. Salaries of administrative and sales personnel—$1,940. Depreciation on manufacturing equipment—$4,750. Depreciation on administrative equipment—$1,795. Rooney sold 1,060 units of product. Required a) Determine the total product cost for the year. b) Determine the total cost of the...
Rundle Manufacturing Company began operations on January 1. During the year, it started and completed 1,640 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,130. 2. Wages of production workers-$3,460. 3. Salaries of administrative and sales personnel-$1,965. 4. Depreciation on manufacturing equipment-$4,890. 5. Depreciation on administrative equipment-$1,825. Rundle sold 1,090 units of product. Required a. Determine the total product cost for the year. b. Determine...
Fanning Manufacturing Company began operations on January 1. During the year, it started and completed 1,770 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,060 2. Wages of production workers-$3,480. 3. Salaries of administrative and sales personnel-$1,990 4. Depreciation on manufacturing equipment-$5,142 5. Depreciation on administrative equipment-$1,775 Fanning sold 1,140 units of product Required a. Determine the total product cost for the year. b. Determine...
Perez Manufacturing Company began operations on January 1. During the year, it started and completed 1,610 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used–$3,120. 2. Wages of production workers—$3,580. 3. Salaries of administrative and sales personnel—$1,905. 4. Depreciation on manufacturing equipment,$4,570. 5. Depreciation on administrative equipment-$1,795. Perez sold 1,110 units of product. Required a. Determine the total product cost for the year. b. Determine...
Baird Manufacturing Company began operations on January 1. During the year, it started and completed 1,800 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used-$3,090. 2. Wages of production workers-$3,560. 3. Salaries of administrative and sales personnel-$1,990. 4. Depreciation on manufacturing equipment-$6,130. 5. Depreciation on administrative equipment-$1,800. Baird sold 1,180 units of product. Required a. Determine the total product cost for the year. b. Determine...
ing Company began operations on January 1. During the year, it started and completed 1,660 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs 1. Raw materials purchased and used-$3,090 2 Wages of production workers $3,470. 3. Salaries of administrative and sales personnel $1,910 4. Depreciation on manufacturing 5. Depreciation on administrative equipment-$1,785 Benson sold 1,030 units of product. Required a. Determine the total product cost for the year Determine the...