Finch Manufacturing Company began operations on January 1. During the year, it started and completed 1,630 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: Raw materials purchased and used—$3,070.Wages of production workers—$3,550.Salaries of administrative and sales personnel—$1,940.Depreciation on manufacturing equipment—$5,279.Depreciation on administrative equipment—$1,830. Finch sold 1,030 units of product. RequiredDetermine the total product cost for the year.Determine the total cost of the ending inventory. (Do not round intermediate calculations.)Determine the total of cost of goods sold. (Do not round intermediate calculations.) a. Total product costb. Total cost of ending inventoryTotal cost of goods soldC.

Particular Amount Raw materials purchased and used $3,070 Wages of production workers $3,550…

Answered: Raw materials purchased and…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter11: Accounting For Purchases And Cash Payments

Section: Chapter Questions

Problem 4MC: The difference between merchandise available for sale and the end-of-period merchandise inventory is...

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Finch Manufacturing Company began operations on January 1. During the year, it started and completed 1,630 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs:

Raw materials purchased and used—$3,070.
Wages of production workers—$3,550.
Salaries of administrative and sales personnel—$1,940.
Depreciation on manufacturing equipment—$5,279.
Depreciation on administrative equipment—$1,830.

Finch sold 1,030 units of product.

Required

Determine the total product cost for the year.
Determine the total cost of the ending inventory. (Do not round intermediate calculations.)
Determine the total of cost of goods sold. (Do not round intermediate calculations.)

a. Total product cost
b. Total cost of ending inventory
Total cost of goods sold
C.

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