Homework Answers
| 1) | Beginning stock of D.M | $ 67,000.00 | |||
| Add: | Purchases made | $ 275,000.00 | |||
| Less: | Ending stock of D.M | $ (70,400.00) | |||
| Total cost of D.M used in prod. | $ 271,600.00 | ||||
| 2) | Schedule of Cost of Goods Manufactured | |||
| Total cost of D.M used in prod. | $ 271,600.00 | |||
| Direct Labor cost | $ 189,000.00 | |||
| OH cost | $ 525,000.00 | |||
| Total manufacturing costs | $ 985,600.00 | |||
| Add: | Opening WIP | $ 29,400.00 | ||
| $ 1,015,000.00 | ||||
| Less: | Ending WIP | $ (40,000.00) | ||
| Cost of Goods Manufactured | $ 975,000.00 | |||
| 3) | Total manufacturing costs | $ 985,600.00 | ||
| No. of units completed | 100000 | |||
| Manufacturing cost per unit | $ 9.86 | |||
| As per the question, | ||||
| Manufacturing Cost per unit | $ 9.86 | |||
| Direct Material cost per unit | $ 2.60 | |||
| OH cost per unit | $ 5.20 | |||
| Direct Labor cost per unit | $ 2.06 | ($ 9.86 - $ 2.6 - $ 5.2) | ||
| Prime Cost per unit | = | Direct Material + Direct Labor | ||
| = | $ 2.60 + $ 2.06 | |||
| = | $ 4.66 | |||
| Conversion cost p.u | = | Direct labor + OH | ||
| = | $ 2.06 + $ 5.20 | |||
| = | $ 7.26 | |||
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4. Beginning work in process, cost of goods manufactured, direct
materials, direct wages, ending work in process.
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