The following data from the just completed year are taken from the accounting records of XYZ...
The following data from the just completed year are taken from the accounting records of XYZ Company:
|
Direct labor cost |
146,000 |
|
|
Raw material purchases |
198,000 |
|
|
Manufacturing overhead applied to work in process |
160,000 |
|
|
Actual manufacturing overhead costs |
176,050 |
|
|
Inventories: |
Beginning |
Ending |
|
Raw materials |
$19,000 |
$16,500 |
|
Work in process |
18,000 |
13,750 |
|
Finished goods |
8,000 |
10,000 |
Required:
1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
2. Prepare a schedule of cost of goods sold. Assume that the company’s underapplied or overapplied overhead is closed to Cost of Goods Sold.
Homework Answers
| Beginning raw materials inventory | $19000 | |
| Add: Raw materials purchases | 198000 | |
| Total raw materials available | 217000 | |
| Less: Ending raw materials inventory | (16500) | |
| Raw materials used in production | 200500 | |
| Direct labor | 146000 | |
| Manufacturing overhead applied | 160000 | |
| Total manufacturing costs | 506500 | |
| Add: Beginning work in process inventory | 18000 | |
| 524500 | ||
| Less: Ending work in process inventory | (13750) | |
| Cost of goods manufactured | $510750 | |
2)
| Beginning finished goods inventory | $8000 |
| Cost of goods manufactured | 510750 |
| Cost of goods available for sale | 518750 |
| Less: Ending finished goods inventory | (10000) |
| Unadjusted cost of goods sold | $508750 |
| Add: Underapplied overhead | 16050 |
| Adjusted cost of goods sold | $524800 |
Underapplied or overapplied overhead= Actual manufacturing overhead costs-Manufacturing overhead applied
= $176050-160000
= $16050 underapplied
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