Question: XYZ Company is a manufacturing company that produces and sells widgets. The company incurred the following
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Question: XYZ Company is a manufacturing company that produces and sells widgets. The company incurred the following costs during the month of January:
- Direct materials used: $10,000
- Direct labor: $15,000
- Factory overhead: $8,000
- Selling and administrative expenses: $5,000
During the month, the company produced 2,000 widgets and sold 1,800 widgets. The selling price per widget was $20.
a) Calculate the cost of goods manufactured.
b) Calculate the cost of goods sold.
c) Calculate the gross profit for the month.
d) Calculate the net income for the month.
Related Book For
Introduction to Managerial Accounting
ISBN: 978-1259105708
5th Canadian edition
Authors: Peter C. Brewer, Ray H. Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan
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