Cost of Goods Manufactured; Prime and Conversion Costs
Marco Polo Map Company's cost of goods sold for March was $345,000. March 31 work-in-process inventory was 90 percent of March 1 work-in-process inventory. Manufacturing overhead applied was 50 percent of direct-labor cost. Other information pertaining to the company's inventories and production for the month of March is as follows:
Beginning inventories, March 1: |
|
Raw material | $17,000 |
Work in process | 40,000 |
Finished goods | 102,000 |
Purchases of raw material during March | 113,000 |
Ending inventories, March 31: |
|
Raw material | 26,000 |
Work in process | ? |
Finished goods | 105,000 |
Required:
1. Prepare a schedule of cost of goods manufactured for the month of March.
2. Prepare a schedule to compute the prime costs (direct material and direct labor) incurred during March.
3. Prepare a schedule to compute the conversion costs (direct labor and manufacturing overhead) charged to work in process during March.
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