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The following selected information was extracted from the 20×1 accounting records of Surgical… 1 answer below » The following selected information was extracted from the 20×1 accounting records of Surgical Products, Inc.: ■ *Seventy-five percent of the company’s building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. View complete question » 68 Chapter 2 Basic Cost Management Concepts Inventory data: January 1 December 31 & The following selected information was extracted from the 20×1 accounting records of Surgical Products, Inc.: ■ *Seventy-five percent of the company’s building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. 68 Chapter 2 Basic Cost Management Concepts Inventory data: January 1 December 31 Raw material …………………………………………………………………………………………. $ 31,600 $ 36,400 Work in process ……………………………………………………………………………………… 71,400 124,200 Finished goods* ……………………………………………………………………………………… 222,200 195,800 *The January 1 and December 31 finished-goods inventory consisted of 1,350 units and 1,190 units, respectively. Required: 1. Calculate Surgical Products’ manufacturing overhead for the year. 2. Calculate Surgical Products’ cost of goods manufactured. 3. Compute the company’s cost of goods sold. 4. Determine net income for 20×1, assuming a 40% income tax rate. 5. Determine the number of completed units manufactured during the year. 6. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change; indirect labor is $221,000 and other factory costs amount to $679,000. View less » Dec 04 2015 02:32 PM
