GrandSlam Inc. incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses $161,600 284,000 42,300 155,850 463,000 116,300 During the month, 19,500 units of product were manufactured, and 10,100 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month were $1,035,000 and the company's effective income tax rate was 40%.

Queen Bees Honey, Inc., estimated its annual overhead to be $110,000 and based its predetermined overhead rate on 27,500 direct labor hours. At the end of the year, actual overhead was $106,000 and the total direct labor hours were 29,000. What is the entry to dispose of the over applied or under applied overhead?

Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?

During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.

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Hello, Grandslam Inc incurred the following costs during March. Selling Expenses   $156,100 Direct Labor   308,000 Interest Expense   41,800 Manufacturing Overhead, actual   45,930 Raw materials used   466,000 Admin Expenses   116,400 During the month, 18,100 units were manufactured and 10,600 units of products were sold.  On March 1, Grandslam Inc. carried no inventories.  On March 31, there were no inventories for raw materials or work in progress. Question 7d:  Prepare a traditional (absorption) income statement for Grandslam Inc. for the month of June.  Assume that sales for the month were $1,038,000 and the company's effective income tax rate was 30%.  (Round "Average cost per unit" to 2 decimal places. Sales $1,038,000 Cost of Goods sold ? Gross Profit ?   ? Operating Income ?   ? Income Before taxes ? Income Tax Expense ? Net Income ? Thanks.

GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor $ 158,200 291,000 Interest expense 42,900 117,960 462,000 121,300 Manufacturing overhead, actual Raw materials used Administrative expenses During the month, 19,100 units of product were manufactured and 10,700 units of product were sold. On March 1, GrandSlam carried no inventories. On March 31, there were no inventories for raw materials or work in process. Required: a. Calculate the cost of goods manufactured during March and the average cost per unit of product manufactured. b. Calculate the cost of goods sold during March. c. Calculate the difference between cost of goods manufactured and cost of goods sold. How will this amount be reported in the financial statements? d. Prepare a traditional (absorption) income statement for GrandSlam for the month of March. Assume that sales for the month was $1,035,000 and the company's effective income tax rate was 30%. Complete this question by…

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Hello, Buck and Company incurred the following costs during August: Raw materials purchased $41,400 Direct labor ($13.6 per hour) 60,384 Manufacturing overhead (actual) 90,420 Selling expenses 31,890 Administrative expenses 14,070 Interest expense 6,112 Manufacturing overhead is applied on the basis of $20 per direct labor hour.  Assume that overapplied or underapplied overhead is transferred to the cost of goods sold only at the end of the year.  During the month, 4120 units of product were manufactured and 4,400 units of product were sold.  On August 1 and August 31, Buck and Company carried the following inventory balances.   August 1 August 31 Raw materials $19,000 $17,800 Work in progress 53,000 56,000 Finished goods 40,100 27,267       Question a-1: Prepare a statement of costs of goods manufactured for the month of August.  (Amounts to be deducted should be indicated by a minus sign). Buck and Company Statement of Goods manufactured for the month of…