Manufacturing costs for Davenport Company during 2018 were as follows:
Beginning Finished Goods, 1/1/18 | $ | 24,900 | |||||||
Beginning Raw Materials, 1/1/18 | 36,300 | ||||||||
Beginning Work in Process, 1/1/18 | 111,100 | ||||||||
Direct Labor for 2018 | 276,100 | ||||||||
Ending Finished Goods, 12/31/18 | 23,200 | ||||||||
Ending Raw Materials, 12/31/18 | 40,650 | ||||||||
Ending Work in Process, 12/31/18 | 121,400 | ||||||||
Material Purchases for 2018 | 305,000 | ||||||||
(including $19,000 of indirect material) | |||||||||
Required:
1. Compute direct material used.
2. Compute applied overhead if the company applies overhead at a rate of 0.83 (83%) of direct labor cost.
3. Compute total manufacturing cost.
4. Compute cost of goods manufactured.
5. Compute cost of goods sold.
1.Direct material used = Beginning Inventory + Purchases – Ending Inventory
= 36,300+(305000-19000)-40,650
= $281,650
2.Applied overhead = Direct labor cost*83%
= 276100*83%
= $229,163
3.Total manufacturing cost = Direct material + direct labor + overheads
= 281650+276100+229163
= $786,913
4.Cost of goods manufactured = Total manufacturing cost + Beginning work in process inventory – ending work in process inventory
= 786913+111,100-121,400
= $776,613
5.COGS = Cost of goods manufactured + Beginning FG Inventory – Ending FG Inventory
= 776,613 + 24900-23200
= $778,313
Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 $ 24,900...
E2-9 (Algo) Calculating Cost of Jobs (LO 2-4, 2-6) Manufacturing costs for Davenport Company during 2018 were as follows: $ Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process. 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $19,000 of indirect material) 24,900 36. 300 111, 100 276,100 23, 200 40,650 121,400 305,000 Required: 1. Compute direct material used. 2. Compute applied overhead...
Manufacturing costs for Davenport Company during 2018 were as follows: $ Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $20,000 of indirect material) 25, 100 36,500 111,300 276,300 23,400 40,750 121,600 305,200 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.85 (85%)...
Manufacturing costs for Davenport Company during 2018 were as follows: $ Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $18,000 of indirect material) 24,700 36,100 110,900 275,900 23,000 40,550 121,200 304,800 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.81 (81%) of...
Manufacturing costs for Davenport Company during 2018 were as follows: $ Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $22,500 of indirect material) 25,600 37,000 111,800 276,800 23,900 41,000 122,100 305, 700 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.90 (90%)...
Manufacturing costs for Davenport Company during 2018 were as follows: $ Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $22,500 of indirect material) 25,600 37,000 111,800 276,800 23,900 41,000 122,100 305, 700 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.90 (90%)...
Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/15 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $23,500 of indirect material) $ 25, Bee 37, 2ee 112, Bee $ 277,000 24,100 41,100 122.3ee 395, 9ee Note: The pre-determined overhead rate is 0.92 (92%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report 2....
Manufacturing costs for Davenport Company during 2018 were as follows: $ 25,800 37,200 112,000 $277,000 24,100 41,100 122,300 305,900 Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $23,500 of indirect material) Note: The pre-determined overhead rate is 0.92 (92%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2....
E2-9 (Algo) Calculating Cost of Jobs [LO 2-4, 2-6) Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $24,000 of indirect material) 25,900 37,300 112,100 277,100 24,200 41,150 122,400 306,000 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies...
Saved E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6] Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $22,500 of indirect material) $ 25,600 37,000 111,800 $ 276,800 23,900 41,080 122, 100 305,700 Note: The pre-determined overhead rate is 0.90...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...