Jarvis Company provided the following information regarding its first year of operations:
Required:Determine the following amounts:(a) Total overhead costs.(b) Total product costs.(c) Product cost per unit.(d) Total cost of ending finished goods inventory.(e) Total cost of goods sold.
What will be an ideal response?
(a) Overhead costs:
(b) Product costs:
(c) Product cost per unit:
Total product costs/units produced = $246,000/20,000 = $12.30 per unit
(d) Total cost of ending finished goods inventory:
2,000 units in ending inventory (20,000 units produced - 18,000 units sold) times $12.30 cost per unit = $24,600
(e) Cost of goods sold:
18,000 units sold times $12.30 cost per unit = $221,400
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