Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, January 1 Beginning Raw Materials, January 1 Beginning Work in Process, January 1 Direct Labor for the current year Ending Finished Goods, December 31 Ending Raw Materials, December 31 Ending Work in Process, December 31 Material Purchases for the current year (including $18,500 of indirect material) Required: 1. Compute direct material used. 2 Compute applied overhead if the company applies overhead at a rate of 0.82 (82%) of direct labor co 3. Compute total manufacturing cost. . Compute cost of goods manufactured. . Compute cost of goods sold. $ 24,800 36,200 111,000 276,000 23,100 40,600 121,300 304,900 "Direct Material Used Applied Overhead Total Manufacturing Cost Cost of Goods Manufactured Cost of Goods Sold
Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, January 1 Beginning Raw Materials, January 1 Beginning Work in Process, January 1 Direct Labor for the current year Ending Finished Goods, December 31 Ending Raw Materials, December 31 Ending Work in Process, December 31 Material Purchases for the current year (including $18,500 of indirect material) Required: 1. Compute direct material used. 2 Compute applied overhead if the company applies overhead at a rate of 0.82 (82%) of direct labor co 3. Compute total manufacturing cost. . Compute cost of goods manufactured. . Compute cost of goods sold. $ 24,800 36,200 111,000 276,000 23,100 40,600 121,300 304,900 "Direct Material Used Applied Overhead Total Manufacturing Cost Cost of Goods Manufactured Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:Manufacturing costs for Davenport Company during 2018 were as follows:
$ 24,800
36,200
111,000
276,000
Beginning Finished Goods, January 1
Beginning Raw Materials, January 1
Beginning Work in Process, January 1
Direct Labor for the current year
Ending Finished Goods, December 31
Ending Raw Materials, December 31
Ending Work in Process, December 31
Material Purchases for the current year
(including $18,500 of indirect material)
23,100
Required:
1. Compute direct material used.
2. Compute applied overhead if the company applies overhead at a rate of 0.82 (82%) of direct labor cost.
3. Compute total manufacturing cost.
4. Compute cost of goods manufactured.
5. Compute cost of goods sold.
40,600
121,300
304,900
1. Direct Material Used
2. Applied Overhead
3. Total Manufacturing Cost
Cost of Goods Manufactured
Cost of Goods Sold
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