Homework Help is Here – Start Your Trial Now!
Business
Accounting
How much was the cost of goods manufactured for the year?

How much was the cost of goods manufactured for the year?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
The following cost data relate to the manufacturing activities of SEC-54589 during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials (both direct and indirect), beginning Raw materials (both direct and indirect), ending Work in process, beginning Work in process, ending $ 15,400 134,000 8,400 74,000 191,200 10,400 $ 433,400 $ 404,000 $ 64,000 $ 20,400 $ 30,400 $ 40,400 $ 70,400 The company uses a predetermined overhead rate of $22 per machine-hour to apply overhead cost to jobs. A total of 20,100 machine hours were used during the year. How much was the cost of goods manufactured for the year? $428,500 $ 443,900 $ 870,200 $ 854,800
Transcribed Image Text:The following cost data relate to the manufacturing activities of SEC-54589 during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials (both direct and indirect), beginning Raw materials (both direct and indirect), ending Work in process, beginning Work in process, ending $ 15,400 134,000 8,400 74,000 191,200 10,400 $ 433,400 $ 404,000 $ 64,000 $ 20,400 $ 30,400 $ 40,400 $ 70,400 The company uses a predetermined overhead rate of $22 per machine-hour to apply overhead cost to jobs. A total of 20,100 machine hours were used during the year. How much was the cost of goods manufactured for the year? $428,500 $ 443,900 $ 870,200 $ 854,800
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS