Concord, Inc., manufactures clamps used in the overhead bin latches of several leading airplane models. Michael Jones, president of Concord, Inc., has gathered the following cost information from the company’s accounting records for the latest month of operations. Advertising $ 20,000 Fire insurance premium for the factory building $ 6,250 Sales office utilities $ 2,000 Air filters for the buffing machines used to produce the clamps $ 1,875 Aluminum used to produce the clamps $ 39,000 Rent on the factory building $ 9,500 Freight to ship the clamps to customers $ 3,125 Sales department executives’ salaries $ 43,000 Production supervisors’ salaries $ 20,500 Assembly line workers’ wages $ 62,000 (a) Total period costs for the month= $68,125.00 (b) Total product costs for the month =$139,125.00 (c) The amount of manufacturing overhead incurred for the month=$38,125 Finished Goods Inventory, beginning $28,000 Finished Goods Inventory, ending $15,000 Cost of goods available for sale $188,000 What was Concord’s cost of goods manufactured for the period? What was Concord’s cost of goods sold for the period?
Concord, Inc., manufactures clamps used in the overhead bin latches of several leading airplane models. Michael Jones, president of Concord, Inc., has gathered the following cost information from the company’s accounting records for the latest month of operations. Advertising $ 20,000 Fire insurance premium for the factory building $ 6,250 Sales office utilities $ 2,000 Air filters for the buffing machines used to produce the clamps $ 1,875 Aluminum used to produce the clamps $ 39,000 Rent on the factory building $ 9,500 Freight to ship the clamps to customers $ 3,125 Sales department executives’ salaries $ 43,000 Production supervisors’ salaries $ 20,500 Assembly line workers’ wages $ 62,000 (a) Total period costs for the month= $68,125.00 (b) Total product costs for the month =$139,125.00 (c) The amount of manufacturing overhead incurred for the month=$38,125 Finished Goods Inventory, beginning $28,000 Finished Goods Inventory, ending $15,000 Cost of goods available for sale $188,000 What was Concord’s cost of goods manufactured for the period? What was Concord’s cost of goods sold for the period?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Concord, Inc., manufactures clamps used in the overhead bin latches of several leading airplane models. Michael Jones, president of Concord, Inc., has gathered the following cost information from the company’s accounting records for the latest month of operations.
| Advertising | $ 20,000 | ||
| Fire insurance premium for the factory building | $ 6,250 | ||
| Sales office utilities | $ 2,000 | ||
| Air filters for the buffing machines used to produce the clamps | $ 1,875 | ||
| Aluminum used to produce the clamps | $ 39,000 | ||
| Rent on the factory building | $ 9,500 | ||
| Freight to ship the clamps to customers | $ 3,125 | ||
| Sales department executives’ salaries | $ 43,000 | ||
| Production supervisors’ salaries | $ 20,500 | ||
| Assembly line workers’ wages | $ 62,000 |
(a) Total period costs for the month= $68,125.00
(b) Total product costs for the month =$139,125.00
(c) The amount of manufacturing overhead incurred for the month=$38,125
Finished Goods Inventory, beginning $28,000
Finished Goods Inventory, ending $15,000
Cost of goods available for sale $188,000
What was Concord’s cost of goods manufactured for the period?
What was Concord’s cost of goods sold for the period?
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