use the following data from mayonnaise manufacturing co. to identify the cost of goods manufactured for the year. note that the goods manufactured may or may not have actually been sold.

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09-12-2022
Business

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use the following data from mayonnaise manufacturing co. to identify the cost of goods manufactured for the year. note that the goods manufactured may or may not have actually been sold.

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smecloudbird17 smecloudbird17 · Answer 1 · 2022-12-16T10:24:52-05:00

With the information presented, we cannot determine the income from the sale of the finished product for that year. Revenue, calculated by multiplying the average selling price by the number of units sold, is the money you make from normal operations.

The top line number (or total revenue) is used to calculate net profit after deducting expenses. Sales is another name for income statement income.

The Raw Materials Account contains information about the raw materials used and the Manufacturing Overhead Account contains information about the manufacturing overhead costs incurred.

The work in process inventory account can be used to calculate the cost of goods manufactured. Finished goods inventory accounts can be used to determine manufacturing costs.

Therefore, the sales amount calculation is not supported by the information provided.

The question is incomplete, the complete question is :

Use the following data from Mayonnaise Manufacturing Co. to determine revenue from sales of finished goods for the year. Manufacture of raw materials WIP of goods sold 10,010 120,000 150.010 30,000 60,000 - 110,000 130,000 0 $ 150,000 0 $ 25,000 0 $ 130,000. See this link.

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