Requirements: Calculate the cost of goods sold (using average) and journalize the transactions above.
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The business transactions of Onson Company are given below. Onson factory manufactures furnitures and accounts
-Beginning inventory of the period is 10.000 units at a unit cost of $15. ($100,000 direct, $50,000 indirect)
-Purchase of direct 80.000 and indirect 20.000 materials are on account
-Direct manufacturing labor is $30,000, and indirect manufacturing labor is $20,000
-The
-Usage of direct materials, $60,000, and indirect materials, $10,000
- Allocation of manufacturing
-Completion and transfer to finished goods is 14.500.-units.
- Incurrence of marketing and customer-service costs, $30,000 are on account
- 11.000 units sold at a unit sales price of $30 on account
Requirements: Calculate the cost of goods sold (using average) and journalize the transactions above.
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