Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 18 Aug 2017 My Price 11.00

Flex-Em began business

52.     LO.7 (CGM; CGS) Flex-Em began business in July 2010. The firm makes an exercise machine for home and gym use. Following are data taken from the firm’s accounting records that pertain to its first month of operations.

 

Direct material purchased on account

$ 900,000

Direct material issued to production

377,000

Direct labor payroll accrued

126,800

Indirect labor payroll paid

40,600

Factory insurance expired

6,000

 

 

 

 

 

Factory utilities paid

17,800

Factory  depreciation recorded

230,300

Ending Work in Process Inventory

51,000

Ending Finished Goods Inventory (30 units)

97,500

Sales on account ($5,200 per unit)

1,040,000

 

a.     How many units did the company sell in July 2010?

b.    Prepare a schedule of cost of goods manufactured for July 2010.

c.     How many units were completed in July?

d.    What was the per-unit cost of goods manufactured for the month?

e.     What was the cost of goods sold in the first month of operations?

f.      What was the gross margin for July 2010?

 

Answers

Maurice Tutor
(5)
Status NEW Posted 18 Aug 2017 11:08 PM My Price 11.00

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