Calfee Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials $ 40,000 Work in process $ 19,000 Estimated total manufacturing overhead at the beginning of the year $ 595,000 Estimated direct labor-hours at the beginning of the year 35,000 direct labor-hours Results of operations: Raw materials purchased on account $ 423,000 Raw materials (all direct) requisitioned for use in production $ 420,000 Direct labor cost $ 641,000 Actual direct labor-hours 33,000 direct labor-hours Manufacturing overhead: Indirect labor cost $ 143,000 Other manufacturing overhead costs incurred $ 531,000 Cost of goods manufactured $ 1,441,000 The ending balance in the Work in Process inventory account is: Multiple Choice $162,000 $220,000 $200,000 $181,000
Calfee Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Beginning inventories: Raw materials $ 40,000 Work in process $ 19,000 Estimated total manufacturing overhead at the beginning of the year $ 595,000 Estimated direct labor-hours at the beginning of the year 35,000 direct labor-hours Results of operations: Raw materials purchased on account $ 423,000 Raw materials (all direct) requisitioned for use in production $ 420,000 Direct labor cost $ 641,000 Actual direct labor-hours 33,000 direct labor-hours Manufacturing overhead: Indirect labor cost $ 143,000 Other manufacturing overhead costs incurred $ 531,000 Cost of goods manufactured $ 1,441,000 The ending balance in the Work in Process inventory account is: Multiple Choice $162,000 $220,000 $200,000 $181,000
Chapter1: Financial Statements And Business Decisions
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Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Calfee Corporation is a manufacturer that uses
| Beginning inventories: | |||
| Raw materials | $ | 40,000 | |
| Work in process | $ | 19,000 | |
| Estimated total manufacturing |
$ | 595,000 | |
| Estimated direct labor-hours at the beginning of the year | 35,000 | direct labor-hours | |
Results of operations:
| Raw materials purchased on account | $ | 423,000 | |
| Raw materials (all direct) requisitioned for use in production | $ | 420,000 | |
| Direct labor cost | $ | 641,000 | |
| Actual direct labor-hours | 33,000 | direct labor-hours | |
| Manufacturing overhead: | |||
| Indirect labor cost | $ | 143,000 | |
| Other |
$ | 531,000 | |
| Cost of goods manufactured | $ | 1,441,000 | |
The ending balance in the Work in Process inventory account is:
Multiple Choice
-
$162,000
-
$220,000
-
$200,000
-
$181,000
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