Billy Bob’s Manufacturing had the following data for the fiscal year ended December 31. Direct Materials Inventory, January 1 $ 35,100 Direct materials purchases 409,500 Direct materials used 403,650 Fixed factory overhead 561,600 Total factory overhead 655,200 Total manufacturing costs to account for 1,262,990 Work-in-Process Inventory, January 1 49,140 Work-in-Process Inventory, December 31 52,650 Finished Goods Inventory, January 1 36,000 Goods available for sale 1,246,340 Cost of goods sold 1,196,340 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.
Billy Bob’s Manufacturing had the following data for the fiscal year ended December 31. Direct Materials Inventory, January 1 $ 35,100 Direct materials purchases 409,500 Direct materials used 403,650 Fixed factory overhead 561,600 Total factory overhead 655,200 Total manufacturing costs to account for 1,262,990 Work-in-Process Inventory, January 1 49,140 Work-in-Process Inventory, December 31 52,650 Finished Goods Inventory, January 1 36,000 Goods available for sale 1,246,340 Cost of goods sold 1,196,340 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Billy Bob’s Manufacturing had the following data for the fiscal year ended December 31.
| Direct Materials Inventory, January 1 | $ 35,100 |
|---|---|
| Direct materials purchases | 409,500 |
| Direct materials used | 403,650 |
| Fixed factory |
561,600 |
| Total factory overhead | 655,200 |
| Total manufacturing costs to account for | 1,262,990 |
| Work-in-Process Inventory, January 1 | 49,140 |
| Work-in-Process Inventory, December 31 | 52,650 |
| Finished Goods Inventory, January 1 | 36,000 |
| Goods available for sale | 1,246,340 |
| Cost of goods sold | 1,196,340 |
Required:
Calculate the following costs:
1. Direct Materials Inventory on December 31.
2. Direct labor costs for the year.
3. Variable
4. Cost of goods manufactured for the year.
5. Finished Goods Inventory on December 31.
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