Valued at the current unit manufacturing cost

Assignment Help Accounting Basics

Reference no: EM13940577

The Shim Refrigerator Co. shows the following records for the period ended December 31, 19A:
Materials purchased
$ 550,000
Inventories, Jan. 1, 19A:
Materials
$ 20,000
Work-in-process
$ 200,000
Finished goods
1,000 units
Direct labor
$1,050,000
Factory overhead (40% variable)
$ 750,000
Selling expenses (all fixed)
$ 500,750
General and administrative (all fixed)
$ 385,230
Sales (7,500 units at $535)
Inventories, Dec. 31, 19A:
Materials
$ 50,000
Work-in-process
$ 100,000
Finished goods
1,000 units
Assume that finished goods inventories are valued at the current unit manufacturing cost.

Prepare a schedule of cost of goods manufactured.
Find the number of units manufactured and unit manufacturing cost.
Prepare an income statement for the period.
Find the total variable and fixed costs.

Reference no: EM13940577

Questions Cloud

Balance sheet using variable costing : Calculate the dollar amount of ABC Company's finished goods inventory that would appear on the December 31, 2007, balance sheet using variable costing.

Determine the stress in the two materials : Determine the stress in the two materials and the reduction in length when the member carries a load of 200 kN. For steel E = 200 GPa and for brass E = 96 GPa.

Problem regarding the enterprise resource planning : Traditionally, Enterprise Resource Planning (ERP) systems are adopted by the manufacturing organisations; however, ERP vendors developed several modules to support organisations in different industries. As a result almost all the bigger organisat..

Explain why venue may be easily change within federal system : A court must have jurisdiction to hear and decide a case. Venue is the particular location or area in which a court with geographical jurisdiction may hear a case. Explain why venue may be easily changed within the federal system and reasons why c..

Valued at the current unit manufacturing cost : The Shim Refrigerator Co. shows the following records for the period ended December 31, 19A:Materials purchased

Determine the changes in the prime rate that have occurred : Review a current issue of the Federal Reserve Bulletin, or review of copy from the Fed's Web site (www.federalreserve.gov) or the St. Louis Fed's Web site (www.stlouisfed.org). And Determine the changes in the prime rate that have occurred since the ..

Prepare a scattergraph using all twelve months of data : Prepare a scattergraph using all 12 months of data. What step might Tracy, using her judgment, take to amend the results from the method of least squares?

Develop a powerpoint presentation on the bernie madoff : Assume you are an instructor presenting an unethical case study to your graduate students. Develop a PowerPoint presentation on the Bernie Madoff. Be certain to address the following key components for your student audience:

Prepare a cost formula for the receiving activity : Using the high-low method, prepare a cost formula for the receiving activity. Using this formula, what is the predicted cost of receiving for a month in which 1,450 receiving orders are processed?

User Account

All Pages