Homework Answers
| A) | Product cost per unit = (Direct Materials + Direct Labour + Manufacturing Overhead) / Number of units manufactured | |||||||||
| = ($126000+ $78000+ $84000) / 3000 crab pots | ||||||||||
| = $288000 / 3000 | ||||||||||
| = $96 per unit | ||||||||||
| B) | Prime cost per unit = (Direct Materials + Direct Labour) / Number of units manufactured | |||||||||
| = ($126000+$78000)/3000 | ||||||||||
| = $68 per unit | ||||||||||
| C) | Conversion cost per unit = (Direct Labour + Manufacturing Overhead) / Number of units manufactured | |||||||||
| = ($78000+ $84000)/3000 | ||||||||||
| = $54 per unit | ||||||||||
| D) | Cost of goods sold for the month = Number of units sold * Product cost per unit | |||||||||
| = 2800 * $96 | ||||||||||
| = $268800 | ||||||||||
| E) | Cost of ending finished goods for the month = Ending Inventory * Product cost per unit | |||||||||
| = 200 * $96 | ||||||||||
| = $19200 |
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Superior Company provided the following data for the year ended
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Selling
expenses
$
219,000
Purchases of raw
materials
$
262,000
Direct
labor
?
Administrative
expenses
$
155,000
Manufacturing
overhead applied to work in process
$
373,000
Actual
manufacturing overhead cost
$
358,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of...
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PLEASE SHOW how you got your numbers (calculations)
thank you :)
Superior Company provided the following data for the year ended
December 31 (all raw materials are used in production as direct
materials):
Selling
expenses
$
219,000
Purchases of raw
materials
$
262,000
Direct
labor
?
Administrative
expenses
$
155,000
Manufacturing
overhead applied to work in process
$
373,000
Actual
manufacturing overhead cost
$
358,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of...
O’Reilly Manufacturing Co.’s cost of goods sold for the month
ended July 31 was $345,000. The ending work in process inventory
was 90% of the beginning work in process inventory. Factory
overhead was 50% of the direct labor cost. No indirect materials
were used during the period. Other information pertaining to
O’Reilly’s inventories and production for July is as follows:
REQUIRED:
1. Prepare a statement of cost of goods manufactured for the month
of July. (Hint: Set up a statement...
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