Homework Answers
Answer-1-
Opening Stock of Materials (June 1) = $238,500
Purchases during the month = $845,700
Closing Stock of Materials (June 30) = $190,400
Materials used is production = Opening Stock + Purchases during the month - Closing Stock
Materials used in production = $238,500 + $845,700 - $190,400
Materials used in production = $893,800
Therefore, Cost of Direct Materials used in production by Walker during the month ended June 30 is $893,800.
2-a-Total manufacturing cost= Work in process, inventory Dec.1+Total manufacturing cost during August
=$19,660+$332,750
=$352,410
b -Cost of goods manufactured= Total manufacturing cost- Work in process inventory August 31
=$352,410-$23,500
=$328,910
c-Total manufacturing cost incurred during August=Total manufacturing cost- Work in process inventory August 1
=$515,770-$41,650
=$474,120
d-Cost of Goods manufactured= Total manufacturing cost- Work in process inventory August 31
=$515,770- $54,000
=$461,770
e-Work in process inventory as on August 1 = Total manufacturing cost- Total manufacturing cost incurred during August
=$1,240,000-$1,075,000
=$165,000
f-Work in process inventory as on August 31 = Total manufacturing cost- cost of goods manufactured
=$1,240,000-$1,068,000
=$172,000
| (a)- | $352,410 |
| (b)- | $328,910 |
| (c)- | $474,120 |
| (d)- | $461,770 |
| (e)- | $165,000 |
| (f)- | $172,000 |
3-
| Fuller Manufacturing Company | ||
| Statement of Cost of Goods Manufactured | ||
| For the Month Ended October 31 | ||
| Work in process inventory, October 1 | $455,300 | |
| Add manufacturing costs incurred during October: | ||
| Cost of direct material used in production | $1,323,600 | |
| Direct Labor | $1,680,000 | |
| Total Factory Overhead | $3,544,200 | |
| Total manufacturing costs incurred | 6,547,800 | |
| Total manufacturing costs | $7,003,100 | |
| Less:Work in process inventory,October 31 | 378,100 | |
| Cost of goods manufactured | $6,625,000 | |
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