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in+class+problems (1) - PAYTOEMP AC 640 840 1 LonborgCo....

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PAY TO EMP ACC RESOURCE 640 30 42 840
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1 1/1/2008 12/31/2008 Materials 5000 3000 Work in Progress 18000 17000 Finished Goods 34000 28000 What was the amount of COGS for the year? What was the amount of COGM for the year? What was the total manufacturing costs? 2 Last year Quest Company incurred the following costs: Direct Materials 60000 Direct Labor 40000 Overhead 80000 Selling Expenses 24000 Administrative Expenses 22000 What was Gross margin per unit? 3 Per-unit product cost:  30 Gross Margin percentage: 70% Selling and administrative expenses: 30,000 Operating Income: 40,000 What was the COGS? How many units were sold? Lonborg Co. had the following beginning and ending inventory balances for the year  ended 12/31/08: In addition, direct labor costs of $30,000 were incurred, overhead equaled $42,000,  materials purchased were $27,000 and selling and administrative costs were $22,000.   Lonborg Co. sold 30,000 units of product during the year at a sales price of $5.00 per  unit.
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