Incomplete manufacturing cost data for Ikerd Company for the year are presented as follows for four...
Incomplete manufacturing cost data for Ikerd Company for the year are presented as follows for four different situations:
| Direct Materials Used | Labour Used | Manufacturing Overhead | Sum of Manufacturing Costs added in period | Work in Progress (1/1) | Work in Progress (12/31) | Cost of Goods Manufactured | |
| 1. | $127,000 | $160,000 | $89,000 | (a) | $33,000 | (b) | $360,000 |
| 2. | (C) | $180,000 | $123,000 | $401,000 | (d) | $40,000 | $470,000 |
| 3. | $80,000 | $100,000 | (e) | $274,000 | $60,000 | $80,000 | (f) |
| 4. | $67,000 | (g) | $75,000 | $238,000 | $45,000 | (h) | $270,000 |
(a) Indicate the missing amount for each letter below. Do not use $
signs or commas when entering your answer:
(a) $Answer
(b) $Answer
(c) $Answer
(d) $Answer
(e) $Answer
(f) $Answer
(g) $Answer
(h) $Answer
Homework Answers
Direct material+Direct labor+Overhead=Total manufacturing costs
Total manufacturing costs+Beginning WIP-Ending WIP=Cost of goods manufactured
| Direct materials | Labor | Manufacturing overhead | Sum of Manufacturing Costs added in period | WIP 1/1 | WIP (12/31) | Cost of goods manufactured |
| 127000 | 160,000 | 89000 | (127000+160,000+89000)=$376,000 | 33000 | (376000+33000-360,000)=$49000 | 360,000 |
| (401000-180,000-123000)=$98000 | 180,000 | 123,000 | 401000 | (470,000+40,000-401000)=$109000 | 40,000 | 470,000 |
| 80,000 | 100,000 | (274000-80,000-100,000)=$94000 | 274000 | 60,000 | 80,000 | (274000+60,000-80,000)=$254,000 |
| 67000 | (238000-67000-75000)=$96000 | 75000 | 238000 | 45000 | (238000+45000-270,000)=$13000 | 270,000 |
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Exercise 14-11
Incomplete manufacturing cost data for Horizon Company for 2017
are presented as follows for four different situations.
Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Manufacturing Overhead Total Manufacturing Costs Work in Process 1/1 Work in Process 12/31 Cost of Goods Manufactured (1) $122,000 $141,000 $90,500 $36,600 (b) $366,000 (2) 201,100 134,400 455,000 44,400 474,700 (d) 64,300 (3) 85,700 101,800 270,700 (f) 83,000 (h) (F) 272,200 (4) (4) 75,100 (9) 76,700 290,300 50,800...
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