The following costs relate to one month's activity in Martin Company: ...
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Accounting
The following costs relate to one month's activity in Martin Company:
| Indirect materials | $300 |
| Rent on factory building | $500 |
| Maintenance of equipment | $50 |
| Direct material used | $800 |
| Utilities on factory | $250 |
| Direct labour | $1,500 |
| Selling expense | $500 |
| Administrative expense | $300 |
| Work in process inventory, beginning | $600 |
| Work in process inventory, ending | $800 |
| Finished goods inventory, beginning | $500 |
| Finished goods inventory, ending | $200 |
Submission Instructions:
- Prepare a schedule of cost of goods manufactured in good form.
- Determine the cost of goods sold.
- Assume Martin Company produced the equivalent of 500 units during this particular month. What was the average cost per unit for direct materials? For rent on factory building?
- Assume next month Martin Company plans to produce 600 units of product. What average cost per unit and total cost would you expect to be incurred for direct material? for rent?
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