Finding Unknown Values in the Cost of Goods Manufactured and Sold Report
Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 200 percent of direct labor cost. Selected manufacturing data follow:
| Case 1 | Case 2 | Case 3* |
Direct materials used | $ 10,000 | f. | $15,000 |
Direct labor | 15,000 | e. | i. |
Manufacturing overhead applied | a. | 16,000 | j. |
Total current manufacturing costs | b. | 35,000 | 27,000 |
Beginning work in process inventory | 8,000 | g. | 7,000 |
Ending work in process inventory | 6,000 | 8,000 | k. |
Cost of goods manufactured | c. | 40,000 | 30,000 |
Beginning finished goods inventory | 5,000 | 10,000 | l. |
Ending finished goods inventory | 7,000 | h. | 5,000 |
Cost of goods sold | d. | 42,000 | 33,000 |
* Hint: For Case 3 (parts i. and j.), first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead. | |||
Required:
Treating each case independently, find the missing amounts for letters a–l. You should do them in the order listed.
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