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Jordan | ||
Answer a | ||
Total Product cost | Amount $ | Note |
Raw materials used | 3,240.00 | A |
Wages of production workers | 3,610.00 | B |
Depreciation- manufacturing equipment | 4,460.00 | C |
Total Product cost | 11,310.00 | D=A+B+C |
Workings for Answer b | ||
Calculation of Cost per unit | ||
Total Product cost | 11,310.00 | See D |
Units produced | 1,740.00 | E |
Cost per unit | 6.50 | F=D/E |
Calculation of ending inventory (units) | ||
Units produced | 1,740.00 | See E |
Less: Units sold | 1,140.00 | G |
Ending inventory (units) | 600.00 | H=E-G |
Answer b | ||
Ending inventory (units) | 600.00 | See H |
Cost per unit | 6.50 | See F |
Cost of Ending inventory | 3,900.00 | I=H*F |
Answer c | ||
Units sold | 1,140.00 | See G |
Cost per unit | 6.50 | See F |
Cost of goods sold | 7,410.00 | J=G*F |
Note: Selling and administrative costs are treated as period costs and not product costs. |
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