On October 7, Daniel Casual Shoes began a production run of its most popular shoe, the...

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On October 7, Daniel Casual Shoes began a production run of its most popular shoe, the "Damn Daniel That's Fleek" model by transferring in canvas material that was properly cut and attached to pre-constructed shoe soles. The Company completed the production run on October 25. The following information was obtained from the accounting records of Daniel Casual Shoes relative to the production run: Total Units Produced Canvass Material Used Historic Cost of Cavass Purchased Cost of Pre-Constructed Shoe Soles Used Wages of Assembly Line Workers Overhead Applied to the Production Run 410,000 pairs 307,500 square yards $2.962 Per square yardi $985,025 $1,168,500 $1,127.500 Be sure to round the historic cost per pair of the shoes produced to the tenth of a cent. For example, $1.8549, would be rounded as $1855. On October 28, Daniel Casual Shoes sold 295,000 pairs of the "Damn Daniel That's Fleek" model to a distributer for $24.25 per pair. Compute the amount of Finished Goods Inventory that Daniel Casual Shoes would report at October 31. On October 7, Daniel Casual Shoes began a production run of its most popular shoe, the "Damn Daniel That's Fleek" model by transferring in canvas material that was properly cut and attached to pre-constructed shoe soles. The Company completed the production run on October 25. The following information was obtained from the accounting records of Daniel Casual Shoes relative to the production run: Total Units Produced Canvass Material Used Historic Cost of Cavass Purchased Cost of Pre-Constructed Shoe Soles Used Wages of Assembly Line Workers Overhead Applied to the Production Run 410,000 pairs 307,500 square yards $2.962 Per square yardi $985,025 $1,168,500 $1,127.500 Be sure to round the historic cost per pair of the shoes produced to the tenth of a cent. For example, $1.8549, would be rounded as $1855. On October 28, Daniel Casual Shoes sold 295,000 pairs of the "Damn Daniel That's Fleek" model to a distributer for $24.25 per pair. Compute the amount of Finished Goods Inventory that Daniel Casual Shoes would report at October 31.

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Total cost of Cavass used Cavass material used Historic cost of Cavass purchased 307500 squar... View the full answer