Cost Definitions and Calculations For each of the following independent situations, calculate the missing values: 1....
Cost Definitions and Calculations
For each of the following independent situations, calculate the missing values:
1. The Belen plant purchased $80,100 of direct
materials during June. Beginning direct materials inventory was
$2,700, and direct materials used in production were $73,900. What
is ending direct materials inventory?
$
2. Forster Company produced 17,900 units at an
average cost of $5.90 each. The beginning inventory of finished
goods was $4,484. (The average unit cost was $5.90.) Forster sold
18,020 units. How many units remain in ending finished goods
inventory?
units
3. Beginning work in process (WIP) was
$115,200, and ending WIP was $119,800. If total manufacturing costs
were $332,500, what was the cost of goods manufactured?
$
4. If the conversion cost is $92 per unit, the
prime cost is $53, and the manufacturing cost per unit is $114,
what is the direct materials cost per unit?
$ per unit
5. Total manufacturing costs for August were $411,000. Prime cost was $52,000, and beginning WIP was $80,000. The cost of goods manufactured was $448,000. Calculate the cost of overhead for August and the cost of ending WIP.
| Cost of overhead for August | $ |
| Ending WIP | $ |
Homework Answers
Solution 1:
ending direct materials inventory = Purchase of direct materials + Beginning direct materials inventory - direct materials used in production
= $80100 + $2700 - $73900 = $8,900
Solution 2:
Units in ending finished goods inventory = produced units + beginning inventory Units - sold units.
= 17900 + ($4484/$5.90) - 18020
= 17900 + 760 - 18020
= 640 units
Solution 3:
cost of goods manufactured = Beginning WIP + Manufacturing costs - Ending WIP
= $115200 + 332500 - 119800 = $327,900
Solution 4:
Direct materials cost per unit = manufacturing cost per unit - Conversion cost per unit
= $114 - $92 = $22 per unit
Solution 5:
Cost of overhead for August = Total Manufacturing costs - Prime costs
= 411000 - 52000 = $359,000
Cost of ending WIP = Total Manufacturing costs + Beginning WIP - cost of goods manufactured
= 411000 + 80000 - 448000 = $43,000
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Cost Definitions and Calculations
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