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question archive The following are data regarding last year’s production of Dicer Ricer, one of the major products of Kitchen Gadget Company:Purchases of direct materials

The following are data regarding last year’s production of Dicer Ricer, one of the major products of Kitchen Gadget Company:Purchases of direct materials

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The following are data regarding last year’s production of Dicer Ricer, one of the major products of Kitchen Gadget Company:Purchases of direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$332,000Direct materials used . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .333,600Direct labor payrolls (paid during the year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .176,700Direct labor costs assigned to production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .180,000Manufacturing overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .288,000During the year, 61,000 units of this product were manufactured and 62,100 units were sold. Selected information concerning inventories during the year follows:End of YearBeginning of YearMaterials. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$ ?$12,800Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4,7003,000Finished Goods, Jan. 1 (3,000 units @ $13) . . . . . . . . . . . . . . . . . .?39,000Instructionsa. Prepare a schedule of the cost of finished goods manufactured for the Dicer Ricer product.b. Compute the average cost of a Dicer Ricer per finished unit for last year.c. Compute the cost of goods sold associated with the sale of Dicer Ricer. Assume that there is a first-in, first-out (FIFO) flow through the Finished Goods Inventory account and that all units completed during the year are assigned the per-unit costs determined in part b.d. Compute the amount of inventory relating to Dicer Ricer that will be listed in the company’s balance sheet at December 31. Show supporting computations for the year-end amounts of materials inventory and finished goods inventory.e. PExplain how the $180,000 in direct labor costs assigned to production affect the company’s income statement and balance sheet.

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