Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory...
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Part I- Cost-per-order exercise (Value: 14 points) Accounting records indicate certain balances in the inventory accounts for 20xx: 1/1/xx $ 25,000 Materials inventory Inventory of products in process (Work in Process ) Inventory of finished products 31/12/xx S 12.000 $ 23,000 $ 10,000 $ 25,000 Other data (apply to the period from 1/1/xx to 31/12/xx) The prime costs were $ 393,000. 10 times the amount of what was in stock inventory at the beginning of the year was purchased in materials. Costs of direct labor (Direct Labor) represent 40% of the conversion costs were $ 325,000. The company generates, on average, a 20% gross profit (Gross Margin). Required : 1. Calculate the following items for 20xx: a. Cost of materials used (Direct Materials Used) b. Direct labor cost (Direct Labor) c. Indirect factory costs incurred (Manufacturing Overhead) d. Cost of manufactured goods ( Cost of Goods Manufactured) e. Unit cost (20 units produced) f. Sales of the period g. Cost of goods sold Note: You can prepare the Status of the cost of manufactured goods as the basis for your reply, but it is not necessary
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