Rooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,620 units of product. Thefinancial statements are prepared in accordance with GAAP. The company incurred the following costs:1. Raw materials purchased and used-$3,170.2. Wages of production workers-$3,600.3. Salaries of administrative and sales personnel-$1,890.4. Depreciation on manufacturing equipment-$5,056.5. Depreciation on administrative equipment-$1,795.Rooney sold 1,160 units of product.Requireda. Determine the total product cost for the year.b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.)c. Determine the total of cost of goods sold. (Do not round intermediate calculations.)a.Total product costb.Total cost of ending inventoryC.Total cost of goods sold

started and completed units = 1,620 units sales = 1,160 units total product cost = cost of raw…

Answered: Rooney Manufacturi financial statements…

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Rooney Manufacturi financial statements 1. Raw materials pur 2. Wages of product 3. Salaries of admini 4 Donrocia opres

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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Rooney Manufacturing Company began operations on January 1. During the year, it started and completed 1,620 units of product. The
financial statements are prepared in accordance with GAAP. The company incurred the following costs:
1. Raw materials purchased and used-$3,170.
2. Wages of production workers-$3,600.
3. Salaries of administrative and sales personnel-$1,890.
4. Depreciation on manufacturing equipment-$5,056.
5. Depreciation on administrative equipment-$1,795.
Rooney sold 1,160 units of product.
Required
a. Determine the total product cost for the year.
b. Determine the total cost of the ending inventory. (Do not round intermediate calculations.)
c. Determine the total of cost of goods sold. (Do not round intermediate calculations.)
a.
Total product cost
b.
Total cost of ending inventory
C.
Total cost of goods sold

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