The accounting records of the Eco Paper Company include the following information relating to the current...

 

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The accounting records of the Eco Paper Company include the following information relating to the current year ended 31 March 2023: Materials 31 March 2023 $20,000 1 April 2022 $25,000 Work in process 37,500 40,000 Finished goods, 1 April (10,000 units @$21 per unit) 210,000 Purchases of direct materials during year 330,000 Direct labor costs assigned to production 375,000 Manufacturing overhead applied to production 637,500 The company manufactures a single product; during the current, 45,000 units were manufactured and 40,000 units were sold. Selling price is set at 25 percent of gross profit. Required: a. Prepare a DETAILED schedule of cost of goods manufactured in good format.(18 marks) b. Compute the average per unit cost of production during the year 2023. c. Determine the amount of revenue for the year 2023. (2 marks) (4 marks) The accounting records of the Eco Paper Company include the following information relating to the current year ended 31 March 2023: Materials 31 March 2023 $20,000 1 April 2022 $25,000 Work in process 37,500 40,000 Finished goods, 1 April (10,000 units @$21 per unit) 210,000 Purchases of direct materials during year 330,000 Direct labor costs assigned to production 375,000 Manufacturing overhead applied to production 637,500 The company manufactures a single product; during the current, 45,000 units were manufactured and 40,000 units were sold. Selling price is set at 25 percent of gross profit. Required: a. Prepare a DETAILED schedule of cost of goods manufactured in good format.(18 marks) b. Compute the average per unit cost of production during the year 2023. c. Determine the amount of revenue for the year 2023. (2 marks) (4 marks)