Manufacturing overhead costs incurred: Property taxes, factory $3,000 Utilities, factory 5,000 Indirect labor 10,000 Depreciation, factory 24,000 Insurance, factory 6,000 Total actual manufacturing overhead costs $ 48,000 Other costs incurred: Purchases of raw materials $ 32,000 Direct labor cost $ 40,000 Inventories: Raw materials, beginning $ 8,000 Raw materials, ending $7,000 Work in process, beginning $ 6,000 Work in process, ending $ 7,500 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of 10,000 machine-hours was recorded for the year. All raw materials ultimately become direct materials-none are classified as indirect materials. 2. Prepare a schedule of cost of goods manufactured for the year using the indirect method.

Manufacturing overhead costs incurred: Property taxes, factory $3,000 Utilities, factory 5,000 Indirect labor 10,000 Depreciation, factory 24,000 Insurance, factory 6,000 Total actual manufacturing overhead costs $ 48,000 Other costs incurred: Purchases of raw materials $ 32,000 Direct labor cost $ 40,000 Inventories: Raw materials, beginning $ 8,000 Raw materials, ending $7,000 Work in process, beginning $ 6,000 Work in process, ending $ 7,500 The company uses a predetermined overhead rate to apply overhead cost to jobs. The rate for the year was $5 per machine-hour; a total of 10,000 machine-hours was recorded for the year. All raw materials ultimately become direct materials-none are classified as indirect materials. 2. Prepare a schedule of cost of goods manufactured for the year using the indirect method.

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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