Posted: May 3rd, 2016
Gravois, Inc., incurred the following costs during June:
Selling expenses $ 158,375
Direct labor 283,140
Interest expense 41,065
Manufacturing overhead, actual 204,750
Raw materials used 460,980
Administrative expenses 123,000
During the month, 19,500 units of product were manufactured and 11,000 units of product were sold. On June 1, Gravois, Inc., carried no inventories. On June 30, there were no inventories for raw materials or work in process.
Calculate the cost of goods manufactured during June and the average cost per unit of product manufactured. (Round your answers to 2 decimal places. Omit the “$” sign in your response.)
Cost of goods manufactured $
Average cost per unit $
Calculate the cost of goods sold during June. (Round your intermediate calculations to 2 decimal places. Omit the “$” sign in your response.)
Cost of goods sold $
(a) Calculate the difference between cost of goods manufactured and cost of goods sold. (Round your intermediate calculations to 2 decimal places. Input the amount as positive value. Omit the “$” sign in your response.)
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