Part I- Exercise cost per orders (Value: 14 points)

The accounting records indicate certain balances in the inventory accounts for 20xx:

1/1 / xx 31/12 / xx

Materials inventory $ 25,000 $ 14,000

Inventory of products in process

(Work in Process) -0- $ 23,000

Inventory of finished products $ 12,000 $ 28,000

Other data (applies to the period from 1/1 / xx to 31/12 / xx)

The prime costs were $ 374,750.

Materials were purchased 10 times the amount of what was in materials inventory at the beginning of the year.

Direct Labor costs represent 35% of the conversion costs which were $ 325,000.

The company generates, on average, 32% of gross profit (Gross Margin).

Required:

1. Calculate the following games for 20xx:

to. Cost of materials used (Direct Materials Used)

b. Direct Labor Cost

c. Indirect factory costs incurred (Manufacturing Overhead)

d. Cost of Goods Manufactured

and. Unit cost (500 units are produced)

F. Sales of the period

g. Cost of goods sold

Note: You can prepare the Statement of Cost of Manufactured Goods as the basis for your answer, but it is not necessary.