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1. Gears, Inc., manufactures a single product. During March, 6,700 units of product were manufactured, and 6,350 units of the product were sold. There were no beginning inventories. During March, the following costs were incurred: $ 76,900 132,600 64,800 46,700 19,300 9,300 Raw Materials Direct Labor Manufacturing Overhead Selling Expenses Administrative Expenses Interest Expense a. Calculate the total cost of goods manufactured during March, and the average cost of a single unit of the product. b. Calculate the cost of goods sold during March. c. Calculate the ending finished goods inventory for March. d. Where in the financial statements will the difference between the total cost of goods manufactured and cost of goods sold be classified?

1. Gears, Inc., manufactures a single product. During March, 6,700 units of product were manufactured, and 6,350 units of the product were sold. There were no beginning inventories. During March, the following costs were incurred: $ 76,900 132,600 64,800 46,700 19,300 9,300 Raw Materials Direct Labor Manufacturing Overhead Selling Expenses Administrative Expenses Interest Expense a. Calculate the total cost of goods manufactured during March, and the average cost of a single unit of the product. b. Calculate the cost of goods sold during March. c. Calculate the ending finished goods inventory for March. d. Where in the financial statements will the difference between the total cost of goods manufactured and cost of goods sold be classified?

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 2PB: The following product costs are available for Kellee Company on the production of eyeglass frames:...
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I finished the question a,b,and c. Can you help me with d?

1. Gears, Inc., manufactures a single product. During March, 6,700 units of product were manufactured, and 6,350 units of the product were sold. There were no beginning inventories. During March, the following costs were incurred: $ 76,900 132,600 64,800 46,700 19,300 9,300 Raw Materials Direct Labor Manufacturing Overhead Selling Expenses Administrative Expenses Interest Expense a. Calculate the total cost of goods manufactured during March, and the average cost of a single unit of the product. b. Calculate the cost of goods sold during March. c. Calculate the ending finished goods inventory for March. d. Where in the financial statements will the difference between the total cost of goods manufactured and cost of goods sold be classified?
Transcribed Image Text:1. Gears, Inc., manufactures a single product. During March, 6,700 units of product were manufactured, and 6,350 units of the product were sold. There were no beginning inventories. During March, the following costs were incurred: $ 76,900 132,600 64,800 46,700 19,300 9,300 Raw Materials Direct Labor Manufacturing Overhead Selling Expenses Administrative Expenses Interest Expense a. Calculate the total cost of goods manufactured during March, and the average cost of a single unit of the product. b. Calculate the cost of goods sold during March. c. Calculate the ending finished goods inventory for March. d. Where in the financial statements will the difference between the total cost of goods manufactured and cost of goods sold be classified?
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