Exercise 23-13 Fultz Company has accumulated the following budget data for the y

Question

Exercise 23-13 Fultz Company has accumulated the following budget data for the year 2017 Sales: 31,310 units, unit selling price $85. 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 $7 per direct labor hour Inventories (raw materials only): beginning, 10,100 pounds; ending, 15,400 pounds. Selling and administrative expenses: $170,000; interest expense:$30,000. Income taxes: 30% of income before income taxes. 1. 2. 3. 4. 5. Prepare a schedule showing the computation of cost of goods sold for 2017. FULTZ COMPANY of Cost of Goods Sold Cost of one unit of finished goods Direct materials Direct labor Manufacturing overhead Total Cost of Goods Sold

Explanation / Answer

Schedule of cost of goods sold :

Multistep income statement :

Cost of one units of finished goods Direct material (1*5) 5 Direct labour (3*12) 36 Manufacturing overhead (3*7) 21 Total 62 Unit 31310 Cost of goods sold 1941220

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