Question

ACC350 SP19 ETR700A Homework: Topic 1 Homework (Chapter 18) Score: 0 of 10 pts E18-22 (similar to) Snyder Corp, a lamp manufacturer, provided the following information for the year ended December 31, 2016 EEB (Click the icon to view year-end information.) Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Snyder manufactured 3,472 lamps for the year? Requirement 1. Use the information to prepare a schedule of cost of goods manufactured Snyder, Corp Schedule of Cost of Goods Manufactured Year Ended December 31, 2016 Direct Materials Used Direct Materials Used Manufacturing Overhead Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured Choose from any list or enter any number in the input fields and then click Check Answer

Answer 1

Synder, ccr Schedule of Cost of Goods Manufactured Year Ended December 31, 2016 Beginning Work in Process Inventc $ 107,000 Direct Material used: Beginning Raw Material Inventon Purchases of Raw Material Raw material Available for use Ending Raw Material Inventory $ 51,000 $ 156,000 $ 207,000 $ (24,000) Add Less Direct Material used $ 183,000 Direct Labor $121,000 Manufacturing Overhead: $ 35,000 $ 26,000 $ 18,000 $ 10,000 Indirect Labor Insurance of Plant Depreciation, Plant, building & Equipment Repairs & Maintenance- plant Total Manufacturing Overhead Total Manufacturing cost incurred during year Total manufacturing cost to acount for Ending Work in Process Invento Cost of Goods Manufactured $ 89,000 $ 393,000 S 500,000 $ 66,000) 434,000 Less

While calculating cost of goods manufactured only costs related to manufacturing a product is considered, so Sales salaries and administrative expenses will not be calculated in this. Sales and administration expenses and finished goods inventory will be considered while calculating cost of goods sold. $ 434,000 3472 $125 Cost of Goods Manufactured Divide Number of lamps manufactured Unit Product Cost To calculate per unit product cost divide cost of goods manufactured by number of units produced