For Question 5, I am looking for the cost of direct materials, direct labor, manufacturing overhead, and work in process inventory.
Required 1:
Pre-determined overhead rate = Estimated manufacturing overhead / Direct material dollars to be used in production
= $111,600 / $93,000
= $1.20 per direct material used
Required 2:
Manufacturing overhead applied (Direct material used * overhead rate) ($149,000 * $1.20) | $178,800 |
Actual manufacturing overhead incurred | $183,600 |
Underapplied overheads (183,600 - 178,800) | $4,800 |
Direct material used:
Beginning raw material | $27,000 |
(+) Purchases | $138,000 |
(-) Ending raw material | ($16,000) |
Direct material used | $149,000 |
Required 3: Cost of goods manufactured
Direct materials: | ||
Beginning raw materials | $27,000 | |
(+) Purchases | $138,000 | |
Total raw material available | $165,000 | |
(-) Ending raw material | ($16,000) | |
Raw material used in production | $149,000 | |
Direct labor cost | $89,000 | |
Manufacturing overheads applied | $178,800 | |
Total manufacturing cost | $416,800 | |
(+) Beginning WIP | $46,000 | |
(-) Ending WIP | ($38,000) | |
Cost of goods manufactured | $424,800 |
Required 4: Cost of goods sold:
Cost of goods manufactured | $424,800 |
(+) Beginning FG inventory | $74,000 |
(-) Ending FG inventory | ($58,000) |
Unadjusted cost of goods sold | $440,800 |
Required 5:
Direct material | $8,100 |
Direct labor (Bal figure) | $20,180 |
Manufacturing overheads (8,100 * $1.20) | $9,720 |
WIP inventory | $38,000 |
For Question 5, I am looking for the cost of direct materials, direct labor, manufacturing overhead,...
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