General accounting If direct materials issued is $10,000, overheadapplied is $21,000, beginning WIP is $5,000and ending WIP is $3,000, direct labor is$7,000, beginning and ending FG inventory is$15,000 and $12,000 respectively, what is thecost of goods manufactured (COGM)?

Step 1: The cost of goods manufactured can be calculated by adding the Beginning WIP and Total…

Answered: If direct materials issued is $10,000,…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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(a) Calculate the amount of direct materials purchased during the period. (b) Calculate the cost of goods manufactured during the period. (c) Calculate the total manufacturing overhead cost for the period. (d) Calculate the total manufacturing cost for the period.
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Assume the following: Purchases of raw materials $ 38,000 Beginning raw materials inventory $ 10,000 Ending raw materials inventory $ 14,000 Direct materials used in production $ 29,000 What was the amount of indirect materials used in production?
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For each of the following independent cases (A through E), compute the missing values in the table: Total Manufacturing Cost Case A B C DE E Prime Cost 6,950 11,660 Conversion Cost 11,580 7,970 20,510 Direct Materials $ 2,010 $ 2,120 1,410 3,340 Direct Labor Manufacturing Overhead 1,020 $ 3,140 2,030 3,620 6,750 2,900 9,380 5,990
Compute conversion costs given the following data: direct materials, $394,300; direct labor, $209,800; factory overhead, $177,600 and selling expenses, $44,500. Oa. $571,900 Ob. $387,400 Oc. $781,700 Od. $133,100
For each of the following independent cases (A through E), compute the missing values in the table: Total Manufacturing Cost Case AB с COE D Prime Cost 6,890 11,650 Conversion Cost 11,620 7,960 20,620 Direct Materials $ 2,110 $ 2,290 1,410 3,310 Direct Manufacturing Labor Overhead 1,160 $ 3,210 1,970 3,620 7,020 3,040 9,370 5,990
Compute conversion costs given the following data: direct materials, $347,500; direct labor, $196,300; factory overhead, $187,900; and selling expenses, $45,290. a.$543,800 b.$187,900 c.$384,200 d.$731,700

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If direct materials issued is $10,000, overhead applied is $21,000, beginning WIP is $5,000 and ending WIP is $3,000, direct labor is $7,000, beginning and ending FG inventory is $15,000 and $12,000 respectively, what is the cost of goods manufactured (COGM)?