I am struggling with this question. I have reaserched my text and cannot come to
ID: 2394881 • Letter: I
Question
I am struggling with this question. I have reaserched my text and cannot come to a conclusion. please help me sort through this
Huen Seved Lakeland Corporation manufactures and sells a single product In preparing the budget for the ist quarter, the company's cost accountant has assembled the following information. Sales (budgeted) Finished goods inventory, January 1 (actual) Finished goods inventory, March 31 (budgoted) Cost of finished goods manufactured (budgoted manufacturing costs are $48 per unit) its Dollars 200,e8e$14,99e,80 5e,8e0 2,250,888 48,8e? The company uses the first-in, first-out method of pricing its inventory of finished goods. Required a. Compute the planned production of finished goods (in units). b. Compute the cost of finished goods manufactured. c. Compute the finlshed goods inventory, March 31. (Remember to use the first-in, first-out method in pricing the inventory.) d. Compute the cost of goods sold. 200,000 unts units a Planned production of finished goods b Cost of finished goods manufactured c Ending finished goods inventory d. Cost of goods soldExplanation / Answer
($200000-$140000
Notes:
1. Cost of finished goods Manufactured= opening stock of raw material
+
Opening stock of work-in-progress
+
Purchases of raw material
+
All further direct Expenses
-
Closing stock of raw material
-
Closing stock of work-in- process
2.Cost of Goods Sold= opening stock of finished good+ Cost of goods manufactures during the year
3. Answered assuming 1st year of operation
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