Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $25,000 of indirect material) 1 2. 3 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.95 (95%) of direct labor cost. 3. Compute total manufacturing cost. 4. Compute cost of goods manufactured. 5. Compute cost of goods sold. 4 5 $ Direct Material Used Applied Overhead Total Manufacturing Cost Cost of Goods Manufactured Cost of Goods Sold 26, 100 37,500 112,300 277, 300 24,400 41,250 122,600 306, 200
Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $25,000 of indirect material) 1 2. 3 Required: 1. Compute direct material used. 2. Compute applied overhead if the company applies overhead at a rate of 0.95 (95%) of direct labor cost. 3. Compute total manufacturing cost. 4. Compute cost of goods manufactured. 5. Compute cost of goods sold. 4 5 $ Direct Material Used Applied Overhead Total Manufacturing Cost Cost of Goods Manufactured Cost of Goods Sold 26, 100 37,500 112,300 277, 300 24,400 41,250 122,600 306, 200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Aa.45.
Transcribed Image Text:Manufacturing costs for Davenport Company during 2018 were as follows:
Beginning Finished Goods, 1/1/18
Beginning Raw Materials, 1/1/18
Beginning Work in Process, 1/1/18
Direct Labor for 2018
Ending Finished Goods, 12/31/18
Ending Raw Materials, 12/31/18
Ending Work in Process, 12/31/18
Material Purchases for 2018
(including $25,000 of indirect material)
1
2.
Required:
1. Compute direct material used.
2. Compute applied overhead if the company applies overhead at a rate of 0.95 (95%) of direct labor cost.
3. Compute total manufacturing cost.
4. Compute cost of goods manufactured.
5. Compute cost of goods sold.
3.
4
5.
$
Direct Material Used
Applied Overhead
Total Manufacturing Cost
Cost of Goods Manufactured
Cost of Goods Sold
26, 100
37,500
112,300
277, 300
24,400
41,250
122,600
306, 200
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Knowledge Booster
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
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education