Homework Answers
Beginning work in process = $170,000
Ending work in process = $185,000
Total manufacturing cost = $680,000
Cost of goods manufactured = Beginning work in process+ Total manufacturing cost - Ending work in process
= 170,000+680,000-185,000
= $665,000
Second option is correct option.
| Cost of Goods Manufactured Schedule | |
| Direct materials used | 120,000 |
| Direct labor | 100,000 |
| Manufacturing overhead | 80,000 |
| Total manufacturing cost | $300,000 |
| Work in process, beginning | 20,000 |
| Work in process, ending | -10,000 |
| Cost of Goods Manufactured | $310,000 |
Fourth option is correct option.
Total manufacturing cost is calculated by adding Direct materials, Direct labor and Manufacturing overhead. Beginning work in process is added to the total manufacturing cost and Ending work in process is subtracted to calculate cost of goods manufactured. In other words,
Cost of goods manufactured = Beginning work in process + Direct materials used + Direct labor + Manufacturing overhead - Ending work in process
Fourth option is correct option.
Direct materials is a product cost only. Manufacturing overhead includes all indirect expenses related to production.
Period cost includes all selling and administrative expenses.
Hence, Direct materials is not a part of manufacturing overhead and period cost.
Second option is correct option
Cost of goods manufactured for March = Cost of direct materials used in production + Direct labor cost incurred + Total manufacturing overhead incurred + Work in process inventory, beginning - Work in process inventory, ending
= 81,100+41,200+25,200+12,200-14,300
= $145,400
First option is correct option.
Manufacturing overhead all indirect costs associated with production of goods. Thus, factory repairman's wages, plant manager's salary and product inspector's salary are examples of manufacturing overhead.
Sales managers salary is a selling overhead.
Third option is correct option.
Kindly comment if you need further assistance.
Thanks‼!
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