+1-415-670-9189
info@expertsmind.com
Cost of goods manufactured-cost of goods sold
Course:- Managerial Accounting
Reference No.:- EM1349762




Assignment Help
Assignment Help >> Managerial Accounting

Hampton Company had the following inventory balances at the beginning and end of the year:

January 1 December 31

Raw material $ 50,000 $ 35,000
Work in process 130,000 170,000
Finished goods 280,000 255,000

During the year, the company purchased $100,000 of raw material and spent $340,000 on direct labor. Other data: Manufacturing overhead incurred $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%.

Required:

Calculate:

A. Cost of goods manufactured.
B. Cost of goods sold.
C. Net income.




Put your comment
 
Minimize


Ask Question & Get Answers from Experts
Browse some more (Managerial Accounting) Materials
Discuss the advantages and disadvantages of organization aldecentralisation - Explain the differences between the unit overhead costs in percentages between (a) and (b) above.
How would you define what a manager is? Do you think a manager can be a "good" manager if they lack strong communication skills? I think this is an important trait, but ho
Write a business report describing budgeting as a non-technical process. Refer to satisficing, budgeting as a political process and budget ploys and calculate the materials
The president of the retailer Prime Products has just approached the company's bank with a request for a $30,000, 90-day loan. Prepare a schedule of expected cash collections
the principle of financial accountability applicable to legal practices in Africa and if so, in what way and discuss the meaning of the principle of financial accountability?
Suppose you have scheduled a meeting with an IRS representative. What arguments would you make for an advance pricing agreement that would permit the use of the $10 price?
The Jung Corporation's budget calls for following production:Quarter 1 45,000 units Quarter 2 38,000 units Quarter 3 34,000 units Quarter 4 48,000 units. Each unit of produc
Calculate the total work done in equivalent units and the unit cost for April. Calculate the cost of units completed and transferred. Also, compute the costs in ending work in