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PROBLEM 16.7A

Determining Unit Costs Using the Cost of Finished Goods Manufactured

The accounting records of Idaho Paper Company include the following information relating to the current year.

Dec. 31 Jan. 1 Materials inventory $20,000 $25,000 Work in process inventory 37,500 40,000 Finished goods inventory, Jan. 1 (10,000 units @ $21 per unit) ? 210,000 Purchases of direct materials during year 330,000 Direct labor costs assigned to production 375,000 Manufacturing overhead 637,500 page 759

The company manufactures a single product; during the current year, 45,000 units were manufactured and 40,000 units were sold.

Instructions

a. make a schedule of the cost of finished goods manufactured for the current year. (Show a supporting computation of the cost of direct materials used during the 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.