Reference no: EM131787639
Question - George's Garage incurred the following costs during May:
Raw Material $30,000
Direct Labor $105,000
Manufacturing Overhead $45,000
Selling Expense $35,000
Administration Expense $21,000
Interest Expense $15,200
Finished Goods Inventory May 1 $1,600
Finished Goods Inventory May 31 $2,500
During the month, 6,000 units of product were manufactured and 5,500 units of product were sold. On May 1, George's carried no raw material inventories.
(a) Calculate the cost of goods manufactured during May and the average cost per unit of product manufactured. Use correct statement format.
(b) Calculate the cost of goods sold during May. Use correct statement format.
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