Question

Managerial Accounting (ACC-260-E81) Fall 2020 Rancer Pena : 109/17/20 12:50 PM Submit Quiz Quiz: Chapter 2 Quiz MyLab Accou This Question: 1 pt 1 of 4 (0 complete) This Quiz: 4 pts possible Main Menu Assignments Compute the cost of Goods Manufactured and Cost of Goods Sold for West Nautical Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials (Click the icon to view the data.) Do Homework Take a Quiz/Test West Nautical Company Calculation of Direct Materials Used For Current Year Plus: Less Direct materials used Calculate the cost of goods manufactured. Choose from any list or enter any number in the input fields and then continue to the next question Type here to search 9 12:5 9/17

Answer 1

Cost of goods manufactured = direct labour+direct material+manufacturing overhead+ opening work in process - closing work in process.

Cost of goods sold= Cost of goods manufactured+ opening finished goods-closing finished goods.

All the calculations are shown in the image attached.

Cost Sheet PARTICULARS Amt Direct Material * Hooo Direct Labour 81000 PRIME COST 152000 Manuc actuning Overhead LIB direct Lelbour 42000 Insurance on plant 11000 Depreciation- plant, buiding and equipment 12,600 Repairs and mountenance-plant 3500 TOTAL MANUFACTURING COSI 12,21,100 Addo opening Work in process 43000 2,64100 Less & closing Work in process 37000 COST OF GOODS MANDEACTURED 227100 Addo Finished Goods at the beginning 22000 249,00 Les Ending finished Goods Cost Of Goods SOLD 226100 23000 * Dired Material used a Beginning Rous , purchases Raw Material 21000 + 74000 - 28000 = 71000