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3:59 PM ezto.mheducation.com Air Jordans...Ims.mheu u.. Favorites Academics... Week 7-A.. learn.dcol.. lea ACCT 110 Survey of Accounting: ACCT 110 Winter 2018 ACCOUNTING ter 10 Question 2 (of 2) value: 1.00 points Issa Manufacturing Company was started on January 1, 2014, when it acquired $75,000 cash by issuing common stock. Issa immediately purchased office furniture and manufacturing equipment costing $9,200 and $32,600, respectively. The office furniture had a seven-year useful life and a zero salvage value. The manufacturing equipment had a $3,800 salvage value and an expected useful life of four years. The company paid $11,500 for salaries of administrative personnel and $15,600 for wages to production personnel. Finally, the company paid $12,460 for raw materials that were used to make inventory. All inventory was started and completed during the year. Issa completed production on 4,300 units of product and sold 3,340 units at a price of $15 each in 2014. (Assume that all transactions are cash transactions) Required a. Determine the total product cost and the average cost per unit of the inventory produced in 2014. (Round "Average cost per unit" answer to 2 decimal places.) Total product cost Average cost per unit income statement. (Do not b. Determine the amount of cost of goods sold that would appear on the 2014 Round und interme 8 2 3 4

Explanation / Answer

a

b

Cost of Goods Sold: $8.20 × 3,340 = $27,388

c

Ending Inventory: $8.20 × (4,300 – 3,340) = $7,872

d

Determine the amount of net income that would appear on the 2014 income statement.

Determine the amount of retained earnings that would appear on the December 31, 2014 balance sheet.

ANswer is 9898

Determine the amount of total assets that would appear on the December 31, 2014 balance sheet.

g

h

Cash flow from investing Activities =32600+9200=41800

Direct materials 12460   Direct labor 15600   Manufacturing overhead 7200   Total product cost 35260           Divided by 4300   Average cost per unit 8.20

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