Need A-

Work process inventory

Direct materials used

C

D

The accounting records of Idaho Paper Company include the following information relating to the current year. Dec. 31 Jan. 1 Materials inventory Work in process inventory Finished goods inventory, Jan.1 28,800 25,886 37,5804,e 218,80 (10,e00 units&$21 per unit) Purchases of direct materials during year Direct labor costs assigned to production Manufacturing overhead 38,e00 375,890 637,580 The company manufactures a single product, during the current yea, 45,000 units were manufactured and Required: a. Prepare a schedule of the cost of finished goods manufactured for the current year b. Compute the average per-unit cost of production during the current year c. Compute the cost of goods sold during the year, assuming that the FIFO (first-in, first-out) method of inventory costing is used d. Compute the cost of the inventory of finished goods at December 31 of the current year, assuming that the FIFO (first-in, first-out) method of inventory costing is used Required ARequired B Required C Required D Prepare a schedule of the cost of finished goods manufactured for the current year. IDAHO PAPER CO. Schedule of the Cost of Finished Goods Manufactured For the Year Ended December 31 Work in process inventory, January 1 Manufacturing costs assigned to production: $375,000 Direct labor Direct materials purchased Direct materials used Manufacturing overhead 637,500 S 1,012,500 S1,012,500 Total manufacturing costs Cost of all goods in process during the year ess: Work in process inventory, December 31 Cost of finished goods manufactured 1,012,500 d. Compute the cost of the inventory of finished goods at December 31 of the current year, assuming that the FIFO ( method of inventory costing is used Complete this question by entering your answers in the tabs below. Required Aqi Required C RequiredD Compute the average per-unit cost of production during the current year. (Round unit cost to the nearest whole dollar.) unit costS 30