Question

The accounting records of NuTronics, Inc., include the following information for the year ended December 31, 2015. Dec. 31 $24,000 $20,000 Jan. 1 Inventory of materials Inventory of work in process Direct materials used Direct labor Selling expenses General and administrative 8,000 90,000 210,000 70,000 12,000 140,000 expenses Overhead is assigned to production at $192,000.

Answer 1

Requirement 1

Nu Tronics, Inc.
Schedule of cost of Finished goods manufactured
For the year ended December 31, 2015
Beginning Work in process inventory		$      12,000.00
Manufacturing cost assigned to production
Direct material used	$      90,000.00
Direct labor	$ 2,10,000.00
Manufacturing overheads	$ 1,92,000.00
Total Manufacturing costs		$ 4,92,000.00
Total cost of all goods in process during the year		$ 5,04,000.00
Less: Ending Work in process Inventory		$        8,000.00
Cost of Finished goods manufactured		$ 4,96,000.00

Requirement 2

Cost of Finished goods manufactured	$ 4,96,000.00
Units produced	20000
Cost per Unit	$   24.80