Accounting Help with Problem from textbook

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Question description

Exercise 16.7 A The  accounting records of Idaho Paper Company include the following information  
Determining  Unit relating to the  current year:
Cost Using the Cost
of Finished  Goods Dec.  31 Jan. 1   
Manufactured Materials  inventory……………………………………………….. $  20,000 $ 25,000 
Work in process  inventory……………………………………….. 37,500   40,000 
Finished goods inventory, Jan. 1 (10,000 units @ 21 per  unit)… ?   210,000
Purchases of direct material during year………………………..  330,000 
Direct labor costs assigned to production……………………….  375,000 
Manufacturing overhead………………………………………….  637,500
The company  manufactures a single product; during the current year, 45,000 units were  manufactured and 40,000 units were sold. 

Instructions 
a. Prepare a schedule of the cost of finished  goods manufactured for the current year. (Show a supporting computation of the  cost of direct materials used during the year) 
b. Compute the average per-unit cost of  production during the current year. 
c. Compute  the cost of goods sold during the year, assuming that the FIFO (first-in, first  –out) method of inventory costing is used.  
d. Compute the cost of the inventory of  finished goods at December 31 of the current year, assuming that the FIFO  (first-in, first-out) method of inventory costing is used.

Read more: http://www.justanswer.com/homework/1ar96-exercise-16-7-a-the-accounting-records-idaho-paper.html#ixzz3VnluEsKX

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