During its first year of operations, Nickelback Company paid $10,000 for direct material, $10,000 in...
70.2K
Verified Solution
Link Copied!
Question
Accounting
During its first year of operations, Nickelback Company paid $10,000 for direct material, $10,000 in wages for production workers, and $30,000 wages for administrative and sales personnel. Lease payments and utilities on the administrative building and production facilities amounted to $5,000 and $6,000, respectively. General, selling, and administrative expenses were $8,000. The company owns a delivery car and manufacturing equipment. The annual depreciation on the car is $ 1,000. The original cost of the equipment is $14,000 and has a salvage value of $2,000 after 3 years. The company produced 3,000 units and sold 1,000 units at a price of $15 a unit. 1) Indicate the average cost to produce one unit 2) Indicate the cost of goods sold
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
