Question

The accounting records of NuTronics, Inc., include the following information for the year ended December 31.

Dec. 31Jan. 1

Inventory of materials $24,000

Inventory of work in process  8,000

Inventory of finished goods  90,000

Direct materials used  210,000   

Direct labor  118,000     

Selling expenses  170,000     

General and administrative expenses  140,000    

Jan. 1

inventory of materials $20,000

Inventory of work in process $12,000

inventory of finished goods $80,000

Overhead assigned to production was $192,000.

a. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above are used in this schedule.)

b. Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product?

Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above are used in this schedule.)

	NuTronics, Inc. Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31       Manufacturing costs assigned to production: Total manufacturing costs 0 Total cost of all goods in process during the year $0

  

Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product? (Round your answer to 2 decimal places.)

Required B

	Average cost per-unit

Answer 1

Schedule of the Cost of Finished Goods Manufactured Nu Tronics, Inc. Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31 Particulars Amount Amount Beginning Work in Process $ 12,000 Direct material used $ 210,000 Direct Labour cost $ 118,000 Manufacturing Overhead $ 192,000 Total Manufacturing Cost $ 520,000 $ 532,000 Less : Ending Working In Process $ (8,000) Cost of Finished Goods Manufactured $ 524,000 Average Cost per Unit $ 26.20 Average Cost per Unit = Cost of goods manufatured / Units produced = $ 524000 / 20000 = $ 26.20