Required information Exercise 3-28 Cost Relationships; Normal Costing System (LO 3-2, 3-4, 3-6) [The following information applies to the questions displayed below.] McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $1,440,000. • Cost of goods manufactured was $1,412,000. . . . Applied manufacturing overhead was 20 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. Exercise 3-28 Part 3 3. Compute the value of the company's work-in-process inventory on December 31. Work-in-process inventory on December 31

Required information Exercise 3-28 Cost Relationships; Normal Costing System (LO 3-2, 3-4, 3-6) [The following information applies to the questions displayed below.] McAllister, Inc., employs a normal costing system. The following information pertains to the year just ended. • Total manufacturing costs were $1,440,000. • Cost of goods manufactured was $1,412,000. . . . Applied manufacturing overhead was 20 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. Exercise 3-28 Part 3 3. Compute the value of the company's work-in-process inventory on December 31. Work-in-process inventory on December 31

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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Prime Cost, Conversion Cost, Preparation of Income Statement: Manufacturing Firm Kildeer Company makes easels for artists. During the last calendar year, a total of 34,000 easels were made, and 35,000 were sold for $52 each. The actual unit cost is as follows: Direct materials Direct labor Variable overhead Fixed overhead Total unit cost Required: $15.00 6.00 Ending units Dollar amount 4.00 14.00 The selling expenses consisted of a commission of $0.90 per unit sold and advertising co-payments totaling $94,500. Administrative expenses, all fixed, equaled $176,500. There were no beginning and ending work-in-process inventories. Beginning finished goods inventory was $109,200 for 2,800 easels. $39.00 1. Calculate the number and the dollar value of easels in ending finished goods inventory. 1,800 ✓ 70,200 2. Prepare a cost of goods sold statement. Kildeer Company Statement of Cost of Goods Sold For the Year Ended December 31 Cost of goods manufactured Add: Beginning finished goods…
Unit Costs, Inventory Valuation, Variable and Absorption Costing
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