Comm 1102 Assign#1 Question#1 Use the following information to determine the gro

Question

Comm 1102 Assign#1 Question#1 Use the following information to determine the gross margin for Intel Manufacturing for the year just ended (all amounts are in thousands (S 000's) of dollars: Accounts payable, 1/1 1,700 Accounts payable, 12/31 ,500 Depreciation on factory equipment 2,500 Direct labor 8,000 Direct materials inventory, 1/ 8,000 Direct materials inventory, 12/31 1,000 Finished goods inventory, 1/120,000 Finished goods inventory, 12/31 21,300 Indirect labor 1.600 Indirect materials used 500 Purchases of direct materials 8,000 Sales S21,800 Utilities expense, factory 900 Work in process inventory, 1/1 ,800 Work in process inventory, 12/3 10,000 NSWER (MUST SHOW ALL WORK IN ORDER TO RECEIVE ALL MARKS): Question# 2. he following data ( have been taken from the accounting records of DAVISON Corporation for the just completed year. Administrative expenses S10 Direct labor $140 Finished goods inventory, beginning S170 Finished gods emory chom 3160

Explanation / Answer

Calculate cost of goods manufactured :

Calculate gross margin :

Beginning work in process 1800 Beginning raw material inventory 8000 raw material purchase 8000 Ending raw material inventory (1000) 15000 Direct labour 8000 Factory overhead Depreciation on factory equipment 2500 Indirect labour 1600 Indirect material 1500 Utilities exp 900 6500 Total manufacturing cost 29500 31300 Less: Ending work in process (10000) Cost of goods manufactured 21300

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