Following is the information pertaining to the production cost of Revolving Chair Company for the year ending on March 31 2006: Direct material consumed 440,000 Direct labor 290,000 Indirect labor 46,000 Light and power 4,260 Depreciation 4,700 Repairs to machinery 5,800 Other factory expense 29,000 Work in process inventory; 41,200 Finished goods inventory; April 1, 2005; 34,300 Work in process inventory; March 31, 2006; 42,500 Finished goods inventory; March 31, 2006; 31,500 During the year 18,000 units were completed. Factory overhead cost is applied @ 30% of the direct labor cost. Required: 1. Cost of goods manufactured statement 2. Cost of goods sold statement identifying at normal and at actual 3. Cost per unit 4. Amount of over or under applied factory overhead cost
Following is the information pertaining to the production cost of Revolving Chair Company for the year ending on March 31 2006:
Direct material consumed 440,000
Direct labor 290,000
Indirect labor 46,000
Light and power 4,260
Repairs to machinery 5,800
Other factory expense 29,000
Work in process inventory; 41,200
Finished goods inventory; April 1, 2005; 34,300
Work in process inventory; March 31, 2006; 42,500
Finished goods inventory; March 31, 2006; 31,500
During the year 18,000 units were completed.
Required:
1. Cost of goods manufactured statement
2. Cost of goods sold statement identifying at normal and at actual
3. Cost per unit
4. Amount of over or under applied factory overhead cost
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