Posted: August 28th, 2016

Calculate cost of goods manufactured.

Peace Mfg. Co. incurred the following costs in January:
Direct Labor $ 40,000 Advertising Costs $ 1,000
Factory Utilities 15,000 Factory Rent 4,000
Administrative Salaries 8,000 Factory Depreciation 2,000
Raw Materials Purchased 10,000 Administrative Rents 3,000
Factory Insurance 4,000 Administrative Depreciation 1,000
The following information is also available:
Number of Units Produced 9,000 units
Number of Units Sold (sales price of $25 per unit) 10,000 units
Tax Rate 15% flat rate
Beginning Balance Ending Balance
Raw Materials $ 2,000 $ 4,000
Work-in-Progress 25,000 18,000
Finished Goods 4,000 12,000
Answer the following:
A) Calculate total period costs.
B) Calculate total raw materials used.
C) Calculate cost of goods manufactured.
D) Calculate the product cost per unit.
E) Calculate cost of goods sold.
F) Calculate net income.

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