Cost of Goods ManufacturedBob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs:Direct materialsDirect laborVariable overheadFixed overheadBeginningEnding?Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows:Direct MaterialsInventory$9,5005,000$100,00060,000260,000Work-in-ProcessInventory$4,5002,500 1. Prepare a statement of cost of goods manufactured in good form.Bob's BistroStatement of Cost of Goods ManufacturedFor the Coming YearDirect materialsMaterials availableDirect materials used in productionTotal manufacturing costs addedCost of goods manufactured2. What if the ending inventory of direct materials decreased by $3,000? Indicate the affect that this would have on the items listed below:Direction of changeAmountDirect materials usedTotal manufacturing costsCost of goods manufacturedbybyby

Cost of goods manufactures (COGM) is the budgeted schedule prepared by the management by estimating future costs related to materials.Preparation of COGM schedule: Resultant values: Working note: Preparation of COGM schedule by decreasing ending direct material by $3,000: Resultant values: Determining the effect of such change:

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Cost of Goods Manufactured Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Beginning Ending ? Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct Materials Work-in-Process Inventory Inventory $9,500 5,000 $100,000 60,000 260,000 $4,500 2,500

Cost of Goods Manufactured Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 50,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Beginning Ending ? Next year, Bob's Bistro expects to purchase $195,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct Materials Work-in-Process Inventory Inventory $9,500 5,000 $100,000 60,000 260,000 $4,500 2,500

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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