Grand Slam Incorporated incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing...
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Grand Slam Incorporated incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses $ 158,300 288,000 41,200 130,870 476,000 115,700 Complete this question by entering your answers in the tabs below. Req A and B a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. Note: Round "Average cost per unit" to 2 decimal places. Req C Req D b. Calculate the cost of goods sold during March. Note: Round "Average cost per unit" to 2 decimal places. a. Cost of goods manufactured a. Average cost per unit b. Cost of goods sold < Req A and B Req C > Show less A Complete this question by entering your answers in the tabs below. Req A and B Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? Note: Round "Average cost per unit" to 2 decimal places. Req C Req D Difference Amount will be reported in < Req A and B Req D > Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,047,000 and the company's effective income tax rate was 35%. Note: Round "Average cost per unit" to 2 decimal places. GRANDSLAM INCORPORATED Absorption Income Statement For the month of March During the month, 18,300 units of product were manufactured and 11,900 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,047,000 and the company's effective income tax rate was 35%. Grand Slam Incorporated incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses $ 158,300 288,000 41,200 130,870 476,000 115,700 Complete this question by entering your answers in the tabs below. Req A and B a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. Note: Round "Average cost per unit" to 2 decimal places. Req C Req D b. Calculate the cost of goods sold during March. Note: Round "Average cost per unit" to 2 decimal places. a. Cost of goods manufactured a. Average cost per unit b. Cost of goods sold < Req A and B Req C > Show less A Complete this question by entering your answers in the tabs below. Req A and B Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? Note: Round "Average cost per unit" to 2 decimal places. Req C Req D Difference Amount will be reported in < Req A and B Req D > Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,047,000 and the company's effective income tax rate was 35%. Note: Round "Average cost per unit" to 2 decimal places. GRANDSLAM INCORPORATED Absorption Income Statement For the month of March During the month, 18,300 units of product were manufactured and 11,900 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,047,000 and the company's effective income tax rate was 35%.
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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