River Falls Manufacturing uses a normal cost system and had the following data available for 2018: Direct materials purchased on account $145,000 Direct materials used 82,000 Direct labor cost incurred 127,000 140,000 Factory overhead incurred Cost of goods completed 288,000 248,000 Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of 25,000 63,000 53,000 125 % direct-labor costs The ending balance of finished goods inventory is

River Falls Manufacturing uses a normal cost system and had the following data available for 2018: Direct materials purchased on account $145,000 Direct materials used 82,000 Direct labor cost incurred 127,000 140,000 Factory overhead incurred Cost of goods completed 288,000 248,000 Cost of goods sold Beginning direct materials inventory Beginning WIP inventory Beginning finished goods inventory Overhead application rate, as a percent of 25,000 63,000 53,000 125 % direct-labor costs The ending balance of finished goods inventory is

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Description: River Falls Manufacturing uses a normal cost system and had the following data available for 2018:Direct materials purchased on account$145,000Direct materials used82,000Direct labor cost incurred127,000140,000Factory overhead incurredCost of goods

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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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

River Falls Manufacturing uses a normal cost system and had the following data available for 2018:
Direct materials purchased on account
$145,000
Direct materials used
82,000
Direct labor cost incurred
127,000
140,000
Factory overhead incurred
Cost of goods completed
288,000
248,000
Cost of goods sold
Beginning direct materials inventory
Beginning WIP inventory
Beginning finished goods inventory
Overhead application rate, as a percent of
25,000
63,000
53,000
125 %
direct-labor costs
The ending balance of finished goods inventory is

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