Raw Materials Used: $84,404 Direct Labor: $143,978 Manufacturing Overhead Incurred: $324,608 Work-in-Process inventory, Jan 1: $53,982 Work-in-Process inventory, Dec 31: $75,011 Finished Goods inventory, Jan 1: $181,914 Finished Goods inventory, Dec 31: $147,712 What is Cost of Goods Manufactured for the year?

Raw Materials Used: $84,404 Direct Labor: $143,978 Manufacturing Overhead Incurred: $324,608 Work-in-Process inventory, Jan 1: $53,982 Work-in-Process inventory, Dec 31: $75,011 Finished Goods inventory, Jan 1: $181,914 Finished Goods inventory, Dec 31: $147,712 What is Cost of Goods Manufactured for the year?

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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Raw materials inventory Work in process inventory Finished goods inventory. Purchases of direct materials Direct labor.. Indirect labor. Beginning of Year End of Year $ 23,000 $25,000 $ 35,000 $31,000 $ 20,000 $ 22,000 $ 74,000 $ 86,000 $ 42,000 Insurance on plant Depreciation-plant building and equipment Repairs and maintenance-plant Marketing expenses General and administrative expenses End of Year $ 11,500 $ 13,400 $ 3,700 $ 77,000 $ 28,500
COGS?
5
Consider the following information for June: Work-in- Raw Process Finished Material (WIP) Goods Beginning inventory $ 60,000 $ 24,000 $ 60,000 Ending inventory $ 90,000 $ 45,000 $ 80,000 Other information: Net income (after adjustment) $ 779,000 Purchases $ 600,000 Cost of goods sold (before adjustment) $ 1,420,000 Sales $ 2,800,000 Direct labor $ 95,000 Compute APPLIED manufacturing overhead.
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 $ 29,600 What was the amount of indirect materials used in production?
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Fuller Manufacturing Company for the month ending October 31: Cost of direct materials used in production Direct labor Work in process inventory, October 1 Work in process inventory, October 31 → Total factory overhead $132,800 159,400 59,800 81,000 73,000
Given the following information, determine the cost of goods manufactured. Direct Labor Incurred $64,000 180,000 Manufacturing Overhead Incurred Direct Materials Used 155,000 197,000 98,000 220,500 110,000 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Work-in - Process Inventory, Jan. 1 Work-in - Process Inventory, Dec. 31 O A. $185,000 B. $509,500 OC. $289,000 O D. $399,000