Question

Managerial Accounting - 62040 Adeeb Wahabuddin & 11/2/19 12:01 PM Homework: Week 1: Homework Save Score: 0 of 10 pts 2 of 4 (1 complete) HW Score: 20%, 10 of 50 pts E2-25A (similar to) Question Help Hanthom industries is calculating its Cost of Good Manufactured at year and Master's accounting records show the following: The Raw Materials inventory account had a beginning balance of $11.000 and an ending balance of $20,000. During the year, the company purchased $56,000 of direct materials. Direct labor for the year totaled $123.000, while manufacturing overhead amounted to 5157.000. The Work in Process Inventory account had a beginning balance of $23,000 and an ending balance of $15,000. Assume that Raw Materials Inventory contains only direct materials. Compute the cost of Goods Manufactured for the year. (Hint. The first is to calculate the direct materials used during the year) Start by calculating the direct materials used during the year Hawthorn Industries Calculation of Direct Materials Used For Current Year Beginning raw materials inventory Plus: Purchases of direct materiais Materials avaible for use Less Ending raw materials inventory Direct materials used Choose from any list or enter any number in the input fields and then click Check Answer 1 Iomairing Clear All Check Answer

Answer 1

Hawthorn Industries
Calculation of Direct Material Used
For Current Year
Beginning raw materials inventory	11,000
Plus: Purchase of direct materials	66,000
Materials available for use	77,000
Less: Ending raw material inventory	-20,000
Direct material used	$57,000

Schedule of Cost of goods manufactured

Direct material used	57,000
Direct labor	123,000
Manufacturing overhead	157,000
Total Manufacturing Cost	337,000
Work in process inventory, beginning	23,000
Work in process inventory, ending	-15,000
Cost of Goods Manufactured	$345,000

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