4. Cost of goods manufactured for the year. 5. Finished Goods Inventory on December 31. Billy Bob's Manufacturing had the following data for the fiscal year ended December 31.$ 32,400378,000372,600Direct Materials Inventory, January 1Direct materials purchasesDirect materials usedFixed factory overheadTotal factory overheadTotal manufacturing costs518,400604,8001,168,760Work-in-Process Inventory, January 1Work-in-Process Inventory, December 31Finished Goods Inventory, January 1Goods available for saleCost of goods soldRequired:Calculate the following costs:1. Direct Materials Inventory on December 31.2. Direct labor costs for the year.3. Variable factory overhead costs for the year.4. Cost of goods manufactured for the year.5. Finished Goods Inventory on December 31.45,36048,60064,8001,156,1601,115,160

Cost of goods manufactured means total costs and expenses incurred for production and manufacturing.…

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. Cost of goods manufactured for the year. 5. Finished Goods Inventory on December 31.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

4. Cost of goods manufactured for the year.

5. Finished Goods Inventory on December 31.

Billy Bob's Manufacturing had the following data for the fiscal year ended December 31.
$ 32,400
378,000
372,600
Direct Materials Inventory, January 1
Direct materials purchases
Direct materials used
Fixed factory overhead
Total factory overhead
Total manufacturing costs
518,400
604,800
1,168,760
Work-in-Process Inventory, January 1
Work-in-Process Inventory, December 31
Finished Goods Inventory, January 1
Goods available for sale
Cost of goods sold
Required:
Calculate the following costs:
1. Direct Materials Inventory on December 31.
2. Direct labor costs for the year.
3. Variable factory overhead costs for the year.
4. Cost of goods manufactured for the year.
5. Finished Goods Inventory on December 31.
45,360
48,600
64,800
1,156,160
1,115,160

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