Fultz Company has accumulated the following budget data for the year 2017 1. Sal

Question

Fultz Company has accumulated the following budget data for the year 2017 1. Sales: 31,480 units, unit selling price $89. 2. Cost of one unit of finished goods: direct materials 1 pound at $5 per pound, direct labor 3 hours at $12 per hour, and manufacturing overhead $6 per direct labor hour 3. Inventories (raw materials only): beginning, 10,270 pounds; ending, 15,380 pounds. 4. Selling and administrative expenses: $170,000; interest expense: $30,000 5. Income taxes: 30% of income before income taxes. Your answer is partially correct. Try again. Prepare a schedule showing the computation of cost of goods sold for 2017 FULTZ COMPANY Computation of Cost of Goods Sold For the Year Ending December 31, 2017 Cost of one unit of finished goods: Direct materials Direct labor Manufacturing overhead Total Cost of Goods Sold

Explanation / Answer

Cost of one unit of finished goods: Direct materials $5 Direct labor $36 Manufacturing overhead $18 Total $59 Cost of Goods Sold $1,857,320

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