The following information pertains to the most recent quarter at Modern Enterprises ended Dec $31,2023$

Purchase of raw materials $ $373,500$

Raw materials inventory, beginning $$43,600$

Raw materials inventory, ending $$72,500$

Depreciation, factory $$190,500$

Insurance, factory $$20,900$

Direct Labor $$246,300$

Maintenace, factory $$123,600$

Administrative expenses $$287,200$

Sales $$2,016,000$

Utilities, factory $$112,500$

Supplies, factory $$4,090$

Selling expenses $$328,100$

Indirect labor $$266,300$

Work in process inventory, beginning $$28,450$

Work in process inventory, ending $$121,800$

Finished goods inventory, beginning $$41,350$

Finished goods inventory, ending $$165,400$Requirement $1$: $50$mks

Prepare a schedule of cost of goods manufactured.

Requirement $2$: $30$mks

Prepare an income statement.

Requirement $3$: $10$mks

Assume that the company produced the equivalent of $19,000$ units of product during the quarter. What was the average cost per unit for direct labour? What was the average cost per unit for factory insurance? $($Round your answers to $2$ decimal places.$)$

Requirement $4$: $10$mks

Assume that the company expects to produce $21,000$ units of product during the coming quarter. What average cost per unit and what total cost would you expect the company to incur for direct materials at this level of activity? For factory insurance? $($In preparing your answer, assume that direct materials is a variable cost and that factory insurance is a fixed cost.$)($Round your answers to $2$ decimal places.$)$

Answer rating: 100% (QA)

Modern Enterprises Financial Statements Requirement 1 Schedule of Cost of Goods Manufactured Description Amount Raw materials used br Beginning invent... View the full answer