Based on the following information, complete the required calculations listed below: Factory utilities:...
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Accounting
Based on the following information, complete the required calculations listed below:
- Factory utilities: $ 15,000
- Direct labor: $ 75,000
- Depreciation on factory equipment: $ 13,000
- Sales salaries: $ 45,000
- Depreciation on delivery trucks: $ 5,000
- Property taxes on factory building: $ 4,000
- Indirect factory labor: $ 50,000
- Repairs to office equipment: $ 2,000
- Indirect materials: $ 80,000
- Sales revenue: $ 350,000
- Direct materials used: $ 140,000
- Advertising: $ 16,000
- Factory manager's salary: $ 8,000
- Office supplies used: $ 3,000
Assume the number of units produced was 10,000 units and the number of units sold was 7,000 units. Calculations for you to make:
- Calculate total product/manufacturing costs.
- Calculate total manufacturing overhead.
- Calculate unit product cost.
- Calculate cost of goods sold.
- Calculate gross profit.
- Calculate net income.
- Calculate the amount of inventory to be reported on the balance sheet.
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