182,000 oired: Prepare an income statement with a schedule showing the cost oi goods manufactured and sold. Manufacturing costs. Last month, Hulse Company put into process $60,000 of materials. The Grinding Department used 8,000 labor hours at $5.60 per hour, and the Machining Department used 4,600 hours at a cost of $6 per hour. Factory overhead is applad at a rate of $6 per labor hour in the Grinding Department and $8 per labor hour in the Machining Department. Inventory accounts had the following beginning and ending balances: 3. Ending $17,000 17,600 18,000 Beginning Finished goods... Work in procass.. Materials.... $22,000 15,000 20,000 Required: Without preparing a formal income statement, compute the following: (1) Total cost of work put into process. (2) Cost of goods manufactured. (3) Cost of goods sold. (4) Conversion cost. (5) Cost of materials purchased.
182,000 oired: Prepare an income statement with a schedule showing the cost oi goods manufactured and sold. Manufacturing costs. Last month, Hulse Company put into process $60,000 of materials. The Grinding Department used 8,000 labor hours at $5.60 per hour, and the Machining Department used 4,600 hours at a cost of $6 per hour. Factory overhead is applad at a rate of $6 per labor hour in the Grinding Department and $8 per labor hour in the Machining Department. Inventory accounts had the following beginning and ending balances: 3. Ending $17,000 17,600 18,000 Beginning Finished goods... Work in procass.. Materials.... $22,000 15,000 20,000 Required: Without preparing a formal income statement, compute the following: (1) Total cost of work put into process. (2) Cost of goods manufactured. (3) Cost of goods sold. (4) Conversion cost. (5) Cost of materials purchased.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:182,000
oired: Prepare an income statement with a schedule showing the cost oi goods
manufactured and sold.
Manufacturing costs. Last month, Hulse Company put into process $60,000 of
materials. The Grinding Department used 8,000 labor hours at $5.60 per hour, and the
Machining Department used 4,600 hours at a cost of $6 per hour. Factory overhead is
applad at a rate of $6 per labor hour in the Grinding Department and $8 per labor hour in
the Machining Department. Inventory accounts had the following beginning and ending
balances:
3.
Ending
$17,000
17,600
18,000
Beginning
Finished goods...
Work in procass..
Materials....
$22,000
15,000
20,000
Required: Without preparing a formal income statement, compute the following:
(1) Total cost of work put into process.
(2) Cost of goods manufactured.
(3) Cost of goods sold.
(4) Conversion cost.
(5) Cost of materials purchased.
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