Question

Barry Company manufactures coats. The company accounting records during February show: Factory utilities - 5950; Direct materials used in production - $21,650; Direct materials purchased during the month - $23,000; Direct labor costs - 515,210 Wages paid to workers providing direct labor - $16,100; Depreciation on factory equipment $1,250; Insurance covering factory facilities - 51,100; Marketing expenses - 54,700, Factory supervisor salary - $3,500; Indirect manufacturing materials used $1.090, Insurance covering administrative facilities - $2,100 Depreciation on administrative office furnishings - 55,500 Corporate executive salaries - $15,000. If all overhead costs are assigned to Wip, what are the total amount of manufacturing costs assigned to WIP for February? QUESTIONS Barry Company manufactures coats. The company accounting records during February show: Factory utilities - 5950; Direct materials used in production 521,650; Direct materials purchased during the month - $23,000, Direct labor costs - $15,210 Wages paid to workers providing direct labor. 516,100; Depreciation on factory equipment 1,250; Insurance covering factory facilities - 51,100; Marketing expenses 54,700 Factory supervisor salary: $3,500, Indirect manufacturing materials used 51,090 Insurance covering administrative facilities - $2,100; Depreciation on administrative office furnishings - $5.500; Corporate executive salaries 515,000. If the beginning balance of WIP in February is 50 and the ending balance of WP is $3,000, what is the cost of goods manufactured for February? QUESTION 6 Ignore the answer you calculated for cost of goods manufactured in Questions and assume the cost of goods manufactured is: $42,000. Then if the manufacturing costs apply to a single product Jacket X and 1,000 units were manufactured in February, what is the unit cost for jacket X? Round to three digits after the decimal point

Answer 1

Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!

Barry
Answer 4	Amount $
Raw material consumed	21,650.00
Direct labor costs	15,210.00
Wags paid to worker providing direct labor	16,100.00
Direct manufacturing cost charged to WIP	52,960.00
Add:
Factory Utilities	950.00
Depreciation on factory equipment	1,250.00
Insurance covering factory facilities	1,100.00
Factory supervisor salary	3,500.00
Indirect manufacturing material used	1,090.00
Manufacturing overhead cost assigned to Manufacturing overhead account	7,890.00
Manufacturing cost assigned to WIP	60,850.00
Answer 5	Amount $
Manufacturing cost assigned to WIP	60,850.00
Less: Ending WIP	(3,000.00)
Cost of goods manufactured	57,850.00
Answer 6	Amount $
Cost of goods manufactured	42,000.00
Number of units	1,000.00
Unit cost	42.00