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1. Beginning Balance, January 1           28,000 Beginning Balance Raw Materials 2. (+) Purchases (RM Purchases)         220,000 Addition Raw Materials 3. (-) Ending Balance           20,000 Ending Balance Raw Materials 4. = Transferred Out (RM used)       (228,000) Transferred Out Raw Materials 5. (+) Direct Labor       (152,000) Transferred Out Direct Labor 6. (+) Fixed Overhead         300,000 Addition Overhead 7. (+) Variable Overhead                     ?   Addition Overhead 8. = Total Factory Overhead       (390,000) Transferred Out Overhead 9. Beginning Balance, January 1           40,000 Beginning Balance WIP 10. (+) Additions (RM used)         228,000 Addition WIP 11. (+) Additions (DL used)         152,000 Addition WIP 12. (+) Additions (OH used)         390,000 Addition WIP 13. (-) Ending Balance, December 31           55,000 Ending Balance WIP 14. = Transferred Out (COGM)       (755,000) Transferred Out WIP 15. Beginning Balance, January 1           35,000 Beginning Balance FG 16. (+) Additions (COGM)         755,000 Addition FG 17. (-) Ending Balance, December 31           15,000 Ending Balance FG 18. = Transferred Out (COGS)                     ?   Transferred Out FG 1. What is the variable factory overhead costs for the year? 2. What are the total Manufacturing Costs? 3. What is the total Cost of Soods manufactured? 4. What are the total Goods Available for Sale? 5. What is the total Cost of Goods Sold?

1. Beginning Balance, January 1           28,000 Beginning Balance Raw Materials 2. (+) Purchases (RM Purchases)         220,000 Addition Raw Materials 3. (-) Ending Balance           20,000 Ending Balance Raw Materials 4. = Transferred Out (RM used)       (228,000) Transferred Out Raw Materials 5. (+) Direct Labor       (152,000) Transferred Out Direct Labor 6. (+) Fixed Overhead         300,000 Addition Overhead 7. (+) Variable Overhead                     ?   Addition Overhead 8. = Total Factory Overhead       (390,000) Transferred Out Overhead 9. Beginning Balance, January 1           40,000 Beginning Balance WIP 10. (+) Additions (RM used)         228,000 Addition WIP 11. (+) Additions (DL used)         152,000 Addition WIP 12. (+) Additions (OH used)         390,000 Addition WIP 13. (-) Ending Balance, December 31           55,000 Ending Balance WIP 14. = Transferred Out (COGM)       (755,000) Transferred Out WIP 15. Beginning Balance, January 1           35,000 Beginning Balance FG 16. (+) Additions (COGM)         755,000 Addition FG 17. (-) Ending Balance, December 31           15,000 Ending Balance FG 18. = Transferred Out (COGS)                     ?   Transferred Out FG 1. What is the variable factory overhead costs for the year? 2. What are the total Manufacturing Costs? 3. What is the total Cost of Soods manufactured? 4. What are the total Goods Available for Sale? 5. What is the total Cost of Goods Sold?

Principles of Accounting Volume 2
Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter5: Process Costing
Section: Chapter Questions
Problem 10MC: Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the...
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1. Beginning Balance, January 1           28,000 Beginning Balance Raw Materials
2. (+) Purchases (RM Purchases)         220,000 Addition Raw Materials
3. (-) Ending Balance           20,000 Ending Balance Raw Materials
4. = Transferred Out (RM used)       (228,000) Transferred Out Raw Materials
5. (+) Direct Labor       (152,000) Transferred Out Direct Labor
6. (+) Fixed Overhead         300,000 Addition Overhead
7. (+) Variable Overhead                     ?   Addition Overhead
8. = Total Factory Overhead       (390,000) Transferred Out Overhead
9. Beginning Balance, January 1           40,000 Beginning Balance WIP
10. (+) Additions (RM used)         228,000 Addition WIP
11. (+) Additions (DL used)         152,000 Addition WIP
12. (+) Additions (OH used)         390,000 Addition WIP
13. (-) Ending Balance, December 31           55,000 Ending Balance WIP
14. = Transferred Out (COGM)       (755,000) Transferred Out WIP
15. Beginning Balance, January 1           35,000 Beginning Balance FG
16. (+) Additions (COGM)         755,000 Addition FG
17. (-) Ending Balance, December 31           15,000 Ending Balance FG
18. = Transferred Out (COGS)                     ?   Transferred Out FG

1. What is the variable factory overhead costs for the year?

2. What are the total Manufacturing Costs?

3. What is the total Cost of Soods manufactured?

4. What are the total Goods Available for Sale?

5. What is the total Cost of Goods Sold?

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