E4-4 Manufacturing Costs; Cost of Goods Manufactured; Inventories. Cost data on the activities of Columbia Manufacturing for May are as follows: April 30 (a) Account balances: Finished Goods Work in Process. Direct Material. Indirect Material.. (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.... ******** ********* **************** ******* Administrative expenses..... Production supervisor's salary *********** $45,602 60,420 10,250 5,600 May 31 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. $ ? 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. ve
E4-4 Manufacturing Costs; Cost of Goods Manufactured; Inventories. Cost data on the activities of Columbia Manufacturing for May are as follows: April 30 (a) Account balances: Finished Goods Work in Process. Direct Material. Indirect Material.. (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.... ******** ********* **************** ******* Administrative expenses..... Production supervisor's salary *********** $45,602 60,420 10,250 5,600 May 31 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. $ ? 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. ve
Chapter1: Financial Statements And Business Decisions
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:E4-4 Manufacturing Costs; Cost of Goods Manufactured; Inventories. Cost data on the
activities of Columbia Manufacturing for May are as follows:
April 30
(a) Account balances:
Finished Goods.
Work in Process.
Direct Material.
Indirect Material...
(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...
Administrative expenses.....
Production supervisor's salary............
$45,602
60,420
10,250
5,600
May 31
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.
?
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. vetine
Transcribed Image Text:E4-2 Cost of Goods Sold. Belton Company has gathered the following data concerning its May
operations (in thousands):
Work in process inventory, beginning.
Direct materials used.
Finished goods inventory, ending
Direct labor......
Work in process inventory, ending.
Factory overhead.
Finished goods inventory, beginning..
Required: Calculate cost of goods sold for May.
$250
90
300
60
210
80
340
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