Road Ranger Corporation began operations early in the current year, building luxury motor homes. During the year, the company started and completed 50 motor homes at a cost of $60,000 per unit. Of these, 48 were sold for $95,000 each and two remain in finished goods inventory. In addition, the company had six partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows:
Direct materials used | $ 750,000 |
Direct labor | 900,000 |
Income tax expense | 100,000 |
General and administrative expenses | 500,000 |
Manufacturing overhead | 1,800.000 |
Selling expenses | 500,000 |
Instructions
Compute the following for the current year:
a. Total manufacturing costs charged to work in process during the period.
b. Cost of finished goods manufactured.
c. Cost of goods sold.
d. Gross profit on sales.
e. Ending inventories of (1) work in process and (2) finished goods.
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