Smith Company reports the following information:Cost of goods manufacturedDirect materials usedDirect labor incurredWork in process inventory, January 1Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 isOa. $18,750Ob. $8,500Oc. $16,250Od. $13,500$68,25027,00025,00011,000

The cost of goods manufactured includes the total cost of goods that are finished during the period.…

Smith Company reports the following information: Cost of goods manufactured $68,250 Direct materials used 27,000 Direct labor incurred 25,000 Work in process inventory, January 1 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is Oa. $18,750 Ob. $8,500 Oc. $16,250 Od. $13,500

Smith Company reports the following information: Cost of goods manufactured $68,250 Direct materials used 27,000 Direct labor incurred 25,000 Work in process inventory, January 1 11,000 Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is Oa. $18,750 Ob. $8,500 Oc. $16,250 Od. $13,500

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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3,800 units, 60% completed Direct materials, 32,000 units Direct labor Factory overhead Total cost to be accounted for $ 60,400 378,000 274,000 168.000 $880.400 During June, 32,000 units were placed into production and 31,200 units were completed, including those in inventory on June 1. On June 30, the inventory of work in process consisted of 4,600 units which were 85% completed. Inventories are costed by the first-in, first-out method and all materials are added at the beginning of the process. Determine the following (round unit cost data to four decimal places to minimize rounding differences): Equivalent units of production for conversion cost (a) (b) Conversion cost per equivalent unit Total and unit cost of finished goods started in prior period and completed in the current period Total and unit cost of finished goods started and completed in the current period (c) (d) (e) Total cost of work in process inventory, June 30
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