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2 Compute the following amounts for the month of May using T-accounts. 1. Cost of direct materials used. 2. Cost of direct la
Required information Finished Goods (FG) Inventory Factory Overhead
Income statement (partial) $
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Answer #1
Raw Material (RM)
Particular Dr Amt Particular Cr Amt
Opening $    26,000
Purchased $ 181,000 WIP (bal. Fig) (207,000-12000-45000) $ 150,000
FOH (indirect material) $    12,000
Ending Balance $    45,000
$ 207,000 $ 207,000
Labor
Particular Dr Amt Particular Cr Amt
Factory Payroll paid $ 250,000 WIP (bal. Fig) (250,000 - 57500) $ 192,500
FOH (indirect labor) $    57,500
$ 250,000 $ 250,000
Work in Process - WIP
Particular Dr Amt Particular Cr Amt
Opening $      9,400
Raw Material (RM) $ 150,000 Finished Good (bal. Fig) (457,775 - 19200) $ 438,575
Labor $ 192,500
FOH - Applied $ 105,875
Ending Balance $    19,200
$ 457,775 $ 457,775
FOH
Particular Dr Amt Particular Cr Amt
Indirect material $ 12,000 WIP (applied = DL * 55% = 192500 * 55%) $ 105,875
Indirect Labor $ 57,500 Under applied** (bal. Fig) (177,000 - 105875) $    71,125
Other OH Cost $ 107,500
$ 177,000 $ 177,000
  • Under applied** = FOH is under applied as actual cost incurred i.e. 177,000 is more than what charged to WIP i.e. 105,875
Finished Good - FG
Particular Dr Amt Particular Cr Amt
Opening $    64,000
Work in Process - WIP $ 438,575 Cost of good sold (bal. Fig) (502575-34600) $ 467,975
(cost of good manufatured)
$             -  
Ending Balance $    34,600
$ 502,575 $ 502,575
Income statement
Sales $        1,600,000
Less:
Cost of good Sold $         (467,975)
Gross Profit (without considering under applied OH) $        1,132,025
Less: undeapplied FOH $            (71,125)
Income     $        1,060,900
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