The following information for Transcontinental Inc. is provided. Use this information to answer the succeeding eight...

 

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The following information for Transcontinental Inc. is provided. Use this information to answer the succeeding eight questions: Materials Inventory (Jan. 1) Work-in-process Inventory (Jan. 1) Finished Goods Inventory (Jan. 1) Cost of materials purchased $41,500 18,900 26,400 145,700 112,300 37,800 9,100 23,000 38,200 15,600 315,000 17,800 Total direct labor costs Depreciation- factory machinery Small tools expense Office supplies Machine helpers wages Miscellaneous factory expenses Presidents salary Power - factory Factory insurance expense Factory supervisors salary Sales and advertisement 10,600 89,300 74,000 7,200 Power-office Depreciation- office equipment Materials inventory (Dec. 31) Work-in-process inventory (Dec. 31) Finished Goods Inventory (Dec. 31) 4,750 18,200 42,200 25,900 The sales for Transcontinental Inc. during this year were $1,645,000 and a total of 3,900 units were completed during the year. Compute the following for the year: 1. Cost of materials used? 2. Factory overhead? 3. Total manufacturing cost? 4. Cost of goods manufactured? 5. Cost of goods sold? 6. Gross margin? 7. Net Income (Loss)? 8. Unit Cost? The following information for Transcontinental Inc. is provided. Use this information to answer the succeeding eight questions: Materials Inventory (Jan. 1) Work-in-process Inventory (Jan. 1) Finished Goods Inventory (Jan. 1) Cost of materials purchased $41,500 18,900 26,400 145,700 112,300 37,800 9,100 23,000 38,200 15,600 315,000 17,800 Total direct labor costs Depreciation- factory machinery Small tools expense Office supplies Machine helpers wages Miscellaneous factory expenses Presidents salary Power - factory Factory insurance expense Factory supervisors salary Sales and advertisement 10,600 89,300 74,000 7,200 Power-office Depreciation- office equipment Materials inventory (Dec. 31) Work-in-process inventory (Dec. 31) Finished Goods Inventory (Dec. 31) 4,750 18,200 42,200 25,900 The sales for Transcontinental Inc. during this year were $1,645,000 and a total of 3,900 units were completed during the year. Compute the following for the year: 1. Cost of materials used? 2. Factory overhead? 3. Total manufacturing cost? 4. Cost of goods manufactured? 5. Cost of goods sold? 6. Gross margin? 7. Net Income (Loss)? 8. Unit Cost?