Product costs flows and related information: * Raw material beginning Jan 1. $5,000 *Raw material ending...
Product costs flows and related information:
* Raw material beginning Jan 1. $5,000
*Raw material ending $25,000
* Work in process beginning Jan 1 $17,000
* work in process ending $ 4,000
* Finished goods beginning, $ 3,000
* Finished goods ending, $ 1,000
* Purchases of raw material $120,000
* Actual direct labor costs $35,000, actual direct labor hours $ 15,500
* Manufacturing overhead applied @ 0.8 times of direct labor cost
* Manufacturing overhead rate based on an estimate of $ 46,000 in manufacturing overhead
* Actual manufacturing overhead cost incurred in the period:
o Depreciation $ 6,000
o Indirect material used $ 20,000
o Rent $ 15,000
o Management labor production floor $ 5,000
o Security $ 5,500 * office overhead actual
o Security $1,000 o Administration $2,000
Required: Prepare the schedule of cost of goods manufactured, assuming Sam uses a normal costing measurement system.
Please take into consideration that this is my second time posting this question because the first one didn't seem right and the person who answered didn't answer my question after. I would really appreciate your help.
Homework Answers
| Finding the Mfg OH to be applied | |
| Actual Direct Labor cost | $ 35,000 |
| Mfg OH applied @0.8 times of Direct Labor cost=35000*0.8= | $ 28,000 |
| Assuming Raw materials=Direct Materials+Indirect Materials |
| Cost of Goods Manufactured Schedule | ||
| Particulars | Amt $ | Amt $ |
| Direct Materials Used: | ||
| Raw Materials Beginning Inventory | 5,000 | |
| Add : Raw Materials Purchase | 120,000 | |
| Less: Raw Materials Ending Inventory | (25,000) | |
| Raw Materials Consumed | 100,000 | |
| Less : Indirect Materials Consumed | (20,000) | |
| Direct Materials Used: | 80,000 | |
| Direct Labor cost | 35,000 | |
| Manufacturing Overhead Applied | 28,000 | |
| Total Manufacturing Cost | 143,000 | |
| Add : WIP Beginning Inventory | 17,000 | |
| Less: WIP Ending Inventory | (4,000) | |
| Cost of Goods Manufactured: | 156,000 |
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