Presented is selected information from Fred's January statement of cost of goods manufactured. Predetermined overhead rate...
Presented is selected information from Fred's January statement of cost of goods manufactured.
| Predetermined overhead rate | 80 percent of direct labor dollars |
| Direct materials | $60,000 |
| Cost of goods manufactured | $150,000 |
Fred's January direct labor was:
A) $40,000
B) $50,000
C) $75,000
D) $90,000
Homework Answers
| Correct Option B i.e. $50,000 | ||
| Cost of goods manufactured | 150,000 | |
| Less: MATERIAL COST | (60,000) | |
| Converion cost (Labor + Overehead) | 90,000 | |
| Let the labour cost be x, then overhead will be 0.8x and total conversion cost will be 1.8x | ||
| 1.8 x = 90000 | ||
| X (Labor cost ) = 90000/1.8 | ||
| Labor cost = $50,000 | ||
| Solution to the query |
| Labour cost(ASSUMED) | "X" |
| Overhead (80% of X) | "0.8 X" |
| Conversion cost i.e. Labor cost + Overehead (X + 08 X) = 1.8X | "1.8X" |
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