The accounting records of NuTronics, Inc., include the following information for the year ended...
Question:
The accounting records of NuTronics, Inc., include the following information for the year ended December 31.
| Dec. 31 | Jan. 1 | |
|---|---|---|
| Inventory of materials | $24,000 | $20,000 |
| Inventory of work in process | 8,000 | 12,000 |
| Inventory of finished goods | 90,000 | 80,000 |
| Direct materials used | 210,000 | |
| Direct labor | 112,000 | |
| Selling expenses | 170,000 | |
| General and administrative expenses | 140,000 |
The Overhead assigned to production was $192,000.
a. Prepare a schedule of the cost of finished goods manufactured.
b. Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product?
Finished Goods Inventory:
Finished Goods inventory is one of the inventory accounts maintained by manufacturing companies. The account increases on the debit side when goods are transferred from work-in-process inventory and decreases on the credit side when the cost of goods sold is recorded.
Answer and Explanation: 1
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a. In the schedule, we add the current manufacturing costs and adjust that for changes in work-in-process inventory to find the cost of finished...
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