Question

12) Holmstrom Corporation has provided the following data concerning last month's operations Direct materials $ 14,000 Direct labor $ 58,000 Manufacturing overhead applied to Work in Process $ 79,000 Work in process inventory Finished goods inventory Beginning | $ 47,000 $ 41,000 Ending $ 53,000 $ 42,000 How much is the cost of goods available for sale on the schedule of Cost of Goods Sold? A) $186,000 B) 5145,000 C) $144,000 D) $138,000 13) Cleafeos Corporation has provided the following data concoming last modi's operation Purchases of raw materials $ 36,000 Indirect materials included in manufacturing overhead $ 4,000 Direct labor cost $ 58,000 Manufacturing overhadayland to Work in Process $ 20,000 Overapplied overhead $ 3,000 Raw materials wentary Work in process inventory Finished goods lovestory Beginning $ 10,000 $ 62,000 5 36,000 Ending $ 21,000 $ 70,000 $ 40,000 The company does out any underapplied or overupplied manufacturing overhead to cost of goods sold. How much is the adjusted cost of goods sold on the Schedule of Cost of Goods Sold? A) 5157,000 B) 5154,000 C) 3161,000 D) 5197,000 19 e Corporation has provided the following data concerning last month's operations Parchases of materials Indirect materials included in manufacturing overhead Dured labor com Manufacturing ved applied to Work in Process $ 32,000 $ 4,000 $ 50,000 $ 84,000 Raw Baterias inventory Work in proces investory Finished god investory Beginning $ 10,000 $ 51,000 $ 32,000 Ending $ 16,000 $ 74,000 $ 49,000 How much is te cost of goods able for sale on the schedule of Cost of Goods Sold? A) $180,000 B) 5148,000 C) 3131,000 D) 3134,000 15) Dubey Corporation has provided the folosing data concient month's operation Purchases of materials Indirect materials included in manufacturm overhead Direct labor cott Manfacturing overhead applied to Work in Process $ 25.000 $ 4000 $58.000 59.000 Beginning

Answer 1

12) (A)186000

Calculate the cost of goods available for sale :

Direct material	14000
Direct labor	58000
Manufacturing overhead applied	79000
Total manufacturing cost	151000
Beginning work in process	47000
Less: Ending work in process	-53000
Cost of goods manufactured	145000
Beginning finished goods inventory	41000
Cost of goods available for sale	186000

13) (B) $154,000

Direct materials:
Beginning raw material inventory	$10,000
Add: Purchase of raw material	$36,000
Total raw materials available	$46,000
Less: Ending raw material inventory	$21,000
Raw material used in production	$25,000
Less: Indirect materials	$4,000	$21,000
Direct labor cost		$58,000
Manufacturing Overhead applied		$90,000
Total manufacturing costs		$169,000
Add: Beginning WIP Inventory		$62,000
Total cost of Work in Process		$231,000
Less: Ending WIP Inventory		$70,000
Cost of Goods manufactured		$161,000

Schedule of Cost of Goods Sold
Befinning Finished Goods Inventory	$36,000
Add: Cost of Goods manufactured	$161,000
Cost of Goods available for sale	$197,000
Less: Ending finished goods inventory	$40,000
Unadjusted Cost of Goods Sold	$157,000
Less: Over applied Overheads	$3,000
Cost of Goods Sold [adjusted]	$154,000

14) (C) $131,000

Direct materials:
Beginning raw material inventory	$10,000
Add: Purchase of raw material	$32,000
Total raw materials available	$42,000
Less: Ending raw material inventory	$16,000
Raw material used in production	$26,000
Less: Indirect materials	$4,000	$22,000
Direct labor cost		$58,000
Manufacturing Overhead applied		$84,000
Total manufacturing costs		$164,000
Add: Beginning WIP Inventory		$58,000
Total cost of Work in Process		$222,000
Less: Ending WIP Inventory		$74,000
Cost of Goods manufactured		$148,000

Schedule of Cost of Goods Sold
Beginning Finished Goods Inventory	$32,000
Add: Cost of Goods manufactured	$148,000
Cost of Goods available for sale	$180,000
Less: Ending finished goods inventory	$49,000
Cost of Goods Sold	$131,000