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PIPS PIE COMPANY HAS THE FOLLOWING MANUFACTURING COSTS: DIRECT MATERIALS USED: $40,000...

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Accounting

PIPS PIE COMPANY HAS THE FOLLOWING MANUFACTURING COSTS:
DIRECT MATERIALS USED: $40,000
DIRECTLABOR $52,000
MANUFACTURING OVERHEAD $28,000
PIPS INVENTORY ACCOUNTS HAD THE FOLLOWING BALANCES:
RAW MATERIALS $0
WIP BEGINNING $8,500
WIP ENDING $13,000
FINISHED GOODS BEGINNING $14,750
FINISHED GOODS ENDING $9,800
REQUIRED:
1. PREPARE THE STATEMENT OF COST OF GOODS MANUFACTURED
2. WHAT IS THE COST OF GOODS SOLD
3. WHAT IS THE GROSS MARGIN IF PIP SOLD 1,200 PIES AT $20 EACH?
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