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GrandSlam Incorporated incurred the following costs during March: During the month, 19,500 units of...

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Question

Accounting

GrandSlam Incorporated incurred the following costs during March:
During the month, 19,500 units of product were manufactured and 10,500 units of product were sold. On March 1, GrandSlam carried
no inventories. On March 31, there were no inventories for raw materials or work in process.
Required:
a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured.
b. Calculate the cost of goods sold during March.
c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the
financial statements?
d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was
$1,041,000 and the company's effective income tax rate was 30%.
Complete this question by entering your answers in the tabs below.
Req A and B
a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured.
Note: Round "Average cost per unit" to 2 decimal places.
b. Calculate the cost of goods sold during March.
Note: Round "Average cost per unit" to 2 decimal places.
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