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Cost of Goods Manufactured; Cost of Goods Sold. Valleydale Company incurred the following costs during the month: direct labor, $120,000; factory overhead, $108,000; and direct materials purchases, $160,000. Inventories were costed as follows:

Cost of Goods Manufactured; Cost of Goods Sold. Valleydale Company incurred the following costs during the month: direct labor, $120,000; factory overhead, $108,000; and direct materials purchases, $160,000. Inventories were costed as follows:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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E4-3 Cost of Goods Manufactured; Cost of Goods Sold. Valleydale Company incurred the following costs during the month: direct labor, $120,000; factory overhead, $108,000; and direct materials purchases, $160,000. Inventories were costed as follows: Finished Goods. Work in Process. Direct Materials. Required: (1) Calculate the cost of goods manufactured (2) Calculate the cost of goods sold. (a) Account balances: Finished Goods. Work in Process Direct Material. Indirect Material. E4-4 Manufacturing Costs; Cost of Goods Manufactured; Inventories. Cost data on the activities of Columbia Manufacturing for May are as follows: April 30 (b) Transactions in May: Supplies purchased. Cost of goods sold. Raw materials purchased. Indirect labor.... Factory heat, light, and power. Factory rent. Factory insurance Sales commissions... Beginning $27,000 61,500 37,500 Administrative expenses.... Production supervisor's salary $45,602 60,420 10,250 5,600 Ending $26,000 57,500 43,500 $ Required: (1) Calculate the factory overhead incurred in May. (2) Determine the cost of goods manufactured in May. (3) Determine the ending balance in finished goods at May 31. May 31 ? 52,800 12,700 5,180 $ 16,500 280,000 105,000 22,000 11,220 18,500 2,000 48,000 25,000 5,000 (c) 4,250 direct labor hours were worked in May. Laborers work a 40-hour week and are paid $22 per hour for the regular shift and time-and-a-half for each hour of overtime. Of the 4,250 hours, 250 hours were worked in overtime in May. The company treats the overtime premium as a part of overhead.
Transcribed Image Text:E4-3 Cost of Goods Manufactured; Cost of Goods Sold. Valleydale Company incurred the following costs during the month: direct labor, $120,000; factory overhead, $108,000; and direct materials purchases, $160,000. Inventories were costed as follows: Finished Goods. Work in Process. Direct Materials. Required: (1) Calculate the cost of goods manufactured (2) Calculate the cost of goods sold. (a) Account balances: Finished Goods. Work in Process Direct Material. Indirect Material. E4-4 Manufacturing Costs; Cost of Goods Manufactured; Inventories. Cost data on the activities of Columbia Manufacturing for May are as follows: April 30 (b) Transactions in May: Supplies purchased. Cost of goods sold. Raw materials purchased. Indirect labor.... Factory heat, light, and power. Factory rent. Factory insurance Sales commissions... Beginning $27,000 61,500 37,500 Administrative expenses.... Production supervisor's salary $45,602 60,420 10,250 5,600 Ending $26,000 57,500 43,500 $ Required: (1) Calculate the factory overhead incurred in May. (2) Determine the cost of goods manufactured in May. (3) Determine the ending balance in finished goods at May 31. May 31 ? 52,800 12,700 5,180 $ 16,500 280,000 105,000 22,000 11,220 18,500 2,000 48,000 25,000 5,000 (c) 4,250 direct labor hours were worked in May. Laborers work a 40-hour week and are paid $22 per hour for the regular shift and time-and-a-half for each hour of overtime. Of the 4,250 hours, 250 hours were worked in overtime in May. The company treats the overtime premium as a part of overhead.
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