Requirement 2. Show how to compute cost of goods manufactured. Use the following​ amounts: direct materials​ used, $19,000​; direct​ labor, $6,000​; manufacturing​overhead, $21,000​; beginning​ Work-in-Process Inventory, $14,800​; and ending​ Work-in-Process Inventory, $8,000.   Cost of Goods Manufactured Direct Materials Used     Direct Labor     Manufacturing Overhead           Total Manufacturing Costs Incurred during Period     Total Manufacturing Costs to Account For           Cost of Goods Manufactured     Requirement 3. Using the results from Requirement​ 2, calculate the cost per unit for goods manufactured assuming 1,100 units were manufactured.     ÷   = Unit product cost   ÷   =   Requirement 4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $45 each. Ending Finished Goods Inventory has 250 units left. Using the results from Requirement​ 3, calculate cost of goods sold assuming FIFO inventory costing is used.           +       =       -       = Cost of Goods Sold

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Requirement 2. Show how to compute cost of goods manufactured. Use the following​ amounts: direct materials​ used,
$19,000​;
direct​ labor,
$6,000​;
manufacturing​overhead,
$21,000​;
beginning​ Work-in-Process Inventory,
$14,800​;
and ending​ Work-in-Process Inventory,
$8,000.
 
Cost of Goods Manufactured
Direct Materials Used
 
 
Direct Labor
 
 
Manufacturing Overhead
 
 
 
 
 
Total Manufacturing Costs Incurred during Period
 
 
Total Manufacturing Costs to Account For
 
 
 
 
 
Cost of Goods Manufactured
 
 
Requirement 3. Using the results from Requirement​ 2, calculate the cost per unit for goods manufactured assuming
1,100
units were manufactured.
 
 
÷
 
=
Unit product cost
 
÷
 
=
 
Requirement 4. Beginning Finished Goods Inventory had
225
units that had a unit cost of
$45
each. Ending Finished Goods Inventory has
250
units left. Using the results from Requirement​ 3, calculate cost of goods sold assuming FIFO inventory costing is used.
 
 
 
 
 
+
 
 
 
=
 
 
 
-
 
 
 
=
Cost of Goods Sold
 
 
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