Homework Answers
Q 8) Answer: c. $32,000
Calculations:
| Cost of goods manufactured | $68,000 |
| Add: Ending work in process inventory | $12,000 |
| Deduct: Beginning work in process inventory | ($16,000) |
| Total manufacturing costs | $64,000 |
| Deduct: Direct materials placed in production | ($32,000) |
| Deduct: Direct labor cost | ($14,000) |
| Manufacturing Overhead | $18,000 |
| Conversion Costs: | |
| Direct labor cost | $14,000 |
| Manufacturing overhead | $18,000 |
| Conversion costs | $32,000 |
Q 9) b.$78,000
Calculations:
| Cost of goods manufactured | $1,619,000 |
| Add: Finished goods Inventory, 1/1/03 | $172,000 |
| Deduct: Cost of goods sold | ($1,713,000) |
| Finished goods Inventory , 12/31/2003 | $78,000 |
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