Creative Products Inc. incurred the following costs (in alphabetical order) during 2012 related to one of its products:
Administrative costs$ 2,000
Direct material used8,000
Factory equipment depreciation1,000
During the year, 3,000 units were produced out of which 2,750 units were sold for $30 each.
A.Calculate the total product costs incurred for the year.
B.What is the product cost per unit?
C.What is cost of goods sold for the year?
D.What is net operating income for the year? (Ignore taxes)
86. The following information is available for the Brown Company for the month ended July 31:
Direct materials purchased$ 21,000
Direct labor (2,500 hrs@$12)30,000
Office supplies expense100
Factory equipment depreciation2,000
Office equipment depreciation750
Sales commissions expense1,500
Direct materials inventory$27,000 $ 24,500
Work in process inventory25,000 29,000
Finished goods inventory22,000 15,000
A.Determine the direct materials used in July.
B.Determine cost of goods manufactured in July.
C.Determine cost of goods sold for July.
D.Prepare an income statement for July. (Ignore taxes)
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