Flat Water Boating Company Produces Standup Paddleboards

question 73

Essay

Flat Water Boating Company produces standup paddleboards.The company uses a job order costing system.During the period,the company incurred the following costs to complete job #322: direct materials,$52,000 and direct labor,$37,000.The company also incurred $14,000 of administrative costs and $8,000 of selling costs to complete this job.Job #322 required 1,600 machine hours.Factory overhead was applied to the job at a rate of $25 per machine hour.If job #322 resulted in 150 paddleboards,what was the cost of goods sold per paddleboard?

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Definitions:

Total Assets

Total assets represent the sum of all assets owned by an entity, including both current and non-current assets, indicating the total resources available to the entity.

Utility Company

A utility company is an organization that provides essential services to the public, such as water, electricity, natural gas, and sewage treatment.

Invoice

A formal written document requesting payment for goods delivered or services rendered, detailing the transaction between a seller and a buyer.

Dividends Account

An account in the general ledger that records the dividends paid out to shareholders during an accounting period.