Homework Answers
Factory overhead = Total manufacturing cost * 27%
Factory overhead = $1,000,000 * 27% = $270,000
Direct labor cost = $270,000 / 75% = $360,000
Direct material = $1,000,000 - 270,000 - 360,000 = $370,000
Beginning work in process = 40% * Ending work in process
Let ending work in process be X
X = X*40% + Total manufacturing cost - Cost of goods manufactured
X - X0.4 = Total manufacturing cost - Cost of goods manufactured
X0.6 = $1,000,000 - 970,000
X = $30,000 / 0.6 = $50,000
Ending work in process = $50,000
Beginning work in process = $50,000*40% = $20,000
| Statement of Cost of Goods Manufactured | |
| Beginning balance of material inventory | $30,000 |
| Material purchases | 400,000 |
| Ending balance of material inventory | (60,000) |
| Material used in production | 370,000 |
| Direct labor cost | 360,000 |
| Factory overhead | 270,000 |
| Total manufacturing cost | 1,000,000 |
| Beginning balance of work in process | 20,000 |
| Ending balance of work in process | (50,000) |
| Cost of goods manufactured | $970,000 |
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