Manufacturing cost data for Sheffield company, which uses a job order cost system are presented below.Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places) Direct materials usedDirect laborManufacturing overhead appliedTotal manufacturing costsWork in process 1/1/20Total cost of work in processWork in process 12/31/20Cost of goods manufactured$Case A58,00037,700148,550208,200197,700(a)(b)(c)Case B$92,100150,90019,00016,800(d)(e)(f)(g)

Answered: Direct materials used Direct labor…

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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Question

Manufacturing cost data for Sheffield company, which uses a job order cost system are presented below.

Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. (Round overhead rate to 2 decimal places)

Direct materials used
Direct labor
Manufacturing overhead applied
Total manufacturing costs
Work in process 1/1/20
Total cost of work in process
Work in process 12/31/20
Cost of goods manufactured
$
Case A
58,000
37,700
148,550
208,200
197,700
(a)
(b)
(c)
Case B
$92,100
150,900
19,000
16,800
(d)
(e)
(f)
(g)

Expert Solution

Step 1

Cost of Goods Manufactured = Cost of Goods Manufactured include all Cost related to Manufacturing of Goods Such as Direct Cost, Indirect cost, Factory OH and Manufacturing OH.

Cost of Goods Manufactured is Calculated :—

= Total Manufacturing Cost + Beggining WIP - Ending WIP

Where,

Total Manufacturing Cost = Direct Labour + Direct Material + Manufacturing OH Applied

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