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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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