Road Warrior Corporation began operations early in the current year, building luxury motor homes. During the year, the company started and completed 50 motor homes at a cost of $60,000 per unit. Of these, 48 were sold for $95,000 each and two remain in finished goods inventory. In addition, the company had six partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows:
Direct materials used $ 794,000
Direct labor 895,000
Income tax expense 100,000
General and administrative expenses 500,000
Manufacturing overhead 1,530,000
Selling expenses 500,000
a.
Compute the total manufacturing costs charged to work in process for the current year: (Omit the “$” sign in your response.)
Total manufacturing costs $
b.
Compute the cost of finished goods manufactured for the current year: (Omit the “$” sign in your response.)
Cost of finished goods manufactured $
c.
Compute the cost of goods sold for the current year: (Omit the “$” sign in your response.)
Cost of goods sold $
d.
Compute the gross profit on sales for the current year: (Omit the “$” sign in your response.)
Gross profit on sales $
e.
Compute the ending inventories of (1) work in process and (2) finished goods for the current year: (Omit the “$” sign in your response.)
(1) Ending inventory of work in process $
(2) Ending inventory of finished goods $
check my work