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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Use the following information for Exercises 2-41 and 2-42:

Grin Company manufactures digital cameras. In January, Grin produced 4,000 cameras with the following costs:

Chapter 2, Problem 41E, Use the following information for Exercises 2-41 and 2-42: Grin Company manufactures digital

There were no beginning or ending inventories of WIP.

Exercise 2-41 Product Cost in Total and Per Unit

Refer to the information for Grin Company above.

Required:

  1. 1. What was the total product cost in January?
  2. 2. What was the product cost per unit in January?

1.

To determine

Calculate the amount of product cost in January.

Explanation

Product Cost:

The amount of cost whether direct or indirect incurred by the company in order to produce a product is known as product cost. It also means the cost incurred by the company in acquiring a product and making it available for sale.

Use the following formula to calculate the total product cost:

Total product cost=(Direct material+Direct labor+Manufacturing overhead)

2.

To determine

Calculate the amount of product cost per unit in January.

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