GrandSlam Incorporated incurred the following costs during March:
During the month, units of product were manufactured and units of product were sold. On March GrandSlam carried
no inventories. On March there were no inventories for raw materials or work in process.
Required:
a Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured.
b Calculate the cost of goods sold during March.
c Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the
financial statements?
d Prepare a traditional absorption income statement for GrandSlam for the month of March. Assume that sales for the month was
$ and the company's effective income tax rate was
Complete this question by entering your answers in the tabs below.
Req A and
a Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured.
Note: Round "Average cost per unit" to decimal places.
b Calculate the cost of goods sold during March.
Note: Round "Average cost per unit" to decimal places.
