Homework Answers
Case 1
Cost of goods sold = Revenues - Gross margin
= 52,000 - 18,000
= $34,000
Total manufacturing cost = Direct materials used + Direct manufacturing labor + Manufacturing overhead costs
= 13,000 + 4,500 + 9,500
= $27,000
Cost of goods manufactured = Total manufacturing cost + Beginning work in process - Ending work in process
= 27,000 + 3,000 - 0
= $30,000
Cost of goods sold = Cost of goods manufactured + Finished goods, beginning - Finished goods, ending
34,000 = 30,000 + 5,000 - Finished goods, ending
Finished goods, ending = $1,000
| A | $34,000 |
| B | $1,000 |
Case 2
Gross margin = Revenues - Cost of goods sold
= 52,300 - 31,800
= $20,500
Cost of goods sold = Cost of goods manufactured + Finished goods, beginning - Finished goods, ending
31,800 = Cost of goods manufactured + 7,000 - 7,000
Cost of goods manufactured = $31,800
Cost of goods manufactured = Total manufacturing cost + Beginning work in process - Ending work in process
31,800 = Total manufacturing cost + 1,500 - 4,700
Total manufacturing cost = $35,000
Total manufacturing cost = Direct materials used + Direct manufacturing labor + Manufacturing overhead costs
35,000 = 19,000 + 8,500 + Manufacturing overhead costs
Manufacturing overhead costs = $7,500
| C | $20,500 |
| D | $7,500 |
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Perfecto Pizza Company produces microwavable pizzas. The
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Additional information:
a. Accounts payable is used only for direct-material
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b. Underapplied overhead of $2,600 for the year has not yet been
closed into cost of goods sold.
Required:
Complete the following T-accounts.
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Problem 3-44 Manufacturing Cost Flows; Analysis of T-Accounts
(LO 3-2, 3-5)
Perfecto Pizza Company produces microwavable pizzas. The
following accounts appeared in Perfecto’s ledger as of December
31.
Additional information:
a. Accounts payable is used only for direct-material
purchases.
b. Underapplied overhead of $2,600 for the year has not yet been
closed into cost of goods sold.
Required:
Complete the following T-accounts.
Raw-Material Inventory Accounts Payable Bal. 1/1 21,000 2,600 Bal. 1/1 136,500 Ba. 12/31 36,000 1,000 Bal. 12/31 Work-in-Process...
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