Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used,$19,000;direct labor,$6,000;manufacturingoverhead,$21,000;beginning Work-in-Process Inventory,$14,800;and ending Work-in-Process Inventory,$8,000. Cost of Goods ManufacturedDirect 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 assuming1,100units were manufactured. ÷ =Unit product cost ÷ = Requirement 4. Beginning Finished Goods Inventory had225units that had a unit cost of$45each. Ending Finished Goods Inventory has250units left. Using the results from Requirement 3, calculate cost of goods sold assuming FIFO inventory costing is used. + = - =Cost of Goods Sold

Cost of Goods Manufactured: It is a statement which shows the total production cost that were…

Answered: Requirement 2. Show how to compute cost…

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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Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used,

$19,000;

direct labor,

$6,000;

manufacturingoverhead,

$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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