The owner of Magic Manufacturing, Tom Sawyer, is considering selling his business. He provides his accountant with the f
Posted: Thu Apr 28, 2022 10:34 am
The owner of Magic Manufacturing, Tom Sawyer, is considering
selling his business. He provides his accountant with the following
information for the month of March, which has just ended: Direct
Materials Purchased $ 1,800,000 Prime Costs $ 3,360,000 Direct
Labour rate ($/hour) $ 25 per hour Direct Materials, 1st March $
100,000 Direct Materials, 31st March $ 80,000 Overhead Application
Rate $ 15 per direct labour hour Actual Overhead Incurred $
1,050,000 Finished Goods, 1st March $ 350,000 Finished Goods, 31st
March $ 65,000 Sales Revenues $ 11,494,000 Sales Mark-up 180% on
cost Data for this question is also available in the file: Adjusted
Cost of Goods Sold.xlsx Download Adjusted Cost of Goods
Sold.xlsx
Calculate the adjusted cost of goods sold for the month of
March. Do not use the dollar sign $ in your answer.
To be marked correct just enter your answer in dollars (rounded
to the nearest dollar).
selling his business. He provides his accountant with the following
information for the month of March, which has just ended: Direct
Materials Purchased $ 1,800,000 Prime Costs $ 3,360,000 Direct
Labour rate ($/hour) $ 25 per hour Direct Materials, 1st March $
100,000 Direct Materials, 31st March $ 80,000 Overhead Application
Rate $ 15 per direct labour hour Actual Overhead Incurred $
1,050,000 Finished Goods, 1st March $ 350,000 Finished Goods, 31st
March $ 65,000 Sales Revenues $ 11,494,000 Sales Mark-up 180% on
cost Data for this question is also available in the file: Adjusted
Cost of Goods Sold.xlsx Download Adjusted Cost of Goods
Sold.xlsx
Calculate the adjusted cost of goods sold for the month of
March. Do not use the dollar sign $ in your answer.
To be marked correct just enter your answer in dollars (rounded
to the nearest dollar).