Step Amount Category Inventory 1. Beginning Balance, January 1 28,000 Beginning Balance Raw Materials 2. (+) Purchases (RM Purchases) 220,000 Addition Raw Materials 3. (-) Ending Balance 20,000 Ending Balance Raw Materials 4. = Transferred Out (RM used) (228,000) Transferred Out Raw Materials 5. (+) Direct Labor (152,000) Transferred Out Direct Labor 6. (+) Fixed Overhead 300,000 Addition Overhead 7. (+) Variable Overhead - Addition Overhead 8. = Total Factory Overhead (390,000) Transferred Out Overhead 9. Beginning Balance, January 1 40,000 Beginning Balance WIP 10. (+) Additions (RM used) 228,000 Addition WIP 11. (+) Additions (DL used) 152,000 Addition WIP 12. (+) Additions (OH used) 390,000 Addition WIP 13. (-) Ending Balance, December 31 55,000 Ending Balance WIP 14. = Transferred Out (COGM) (755,000) Transferred Out WIP 15. Beginning Balance, January 1 35,000 Beginning Balance FG 16. (+) Additions (COGM) 755,000 Addition FG 17. (-) Ending Balance, December 31 15,000 Ending Balance FG 18. = Transferred Out (COGS) - Transferred Out FG 1. What is the variable factory overhead costs for the year? 2. What are the total Manufacturing Costs? 3. What is the total Cost of Soods manufactured? 4. What are the total Goods Available for Sale? 5. What is the total Cost of Goods Sold?
Step Amount Category Inventory 1. Beginning Balance, January 1 28,000 Beginning Balance Raw Materials 2. (+) Purchases (RM Purchases) 220,000 Addition Raw Materials 3. (-) Ending Balance 20,000 Ending Balance Raw Materials 4. = Transferred Out (RM used) (228,000) Transferred Out Raw Materials 5. (+) Direct Labor (152,000) Transferred Out Direct Labor 6. (+) Fixed Overhead 300,000 Addition Overhead 7. (+) Variable Overhead - Addition Overhead 8. = Total Factory Overhead (390,000) Transferred Out Overhead 9. Beginning Balance, January 1 40,000 Beginning Balance WIP 10. (+) Additions (RM used) 228,000 Addition WIP 11. (+) Additions (DL used) 152,000 Addition WIP 12. (+) Additions (OH used) 390,000 Addition WIP 13. (-) Ending Balance, December 31 55,000 Ending Balance WIP 14. = Transferred Out (COGM) (755,000) Transferred Out WIP 15. Beginning Balance, January 1 35,000 Beginning Balance FG 16. (+) Additions (COGM) 755,000 Addition FG 17. (-) Ending Balance, December 31 15,000 Ending Balance FG 18. = Transferred Out (COGS) - Transferred Out FG 1. What is the variable factory overhead costs for the year? 2. What are the total Manufacturing Costs? 3. What is the total Cost of Soods manufactured? 4. What are the total Goods Available for Sale? 5. What is the total Cost of Goods Sold?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| Step | Amount | Category | Inventory |
| 1. Beginning Balance, January 1 | 28,000 | Beginning Balance | Raw Materials |
| 2. (+) Purchases (RM Purchases) | 220,000 | Addition | Raw Materials |
| 3. (-) Ending Balance | 20,000 | Ending Balance | Raw Materials |
| 4. = Transferred Out (RM used) | (228,000) | Transferred Out | Raw Materials |
| 5. (+) Direct Labor | (152,000) | Transferred Out | Direct Labor |
| 6. (+) Fixed Overhead | 300,000 | Addition | Overhead |
| 7. (+) Variable Overhead | - | Addition | Overhead |
| 8. = Total Factory Overhead | (390,000) | Transferred Out | Overhead |
| 9. Beginning Balance, January 1 | 40,000 | Beginning Balance | WIP |
| 10. (+) Additions (RM used) | 228,000 | Addition | WIP |
| 11. (+) Additions (DL used) | 152,000 | Addition | WIP |
| 12. (+) Additions (OH used) | 390,000 | Addition | WIP |
| 13. (-) Ending Balance, December 31 | 55,000 | Ending Balance | WIP |
| 14. = Transferred Out (COGM) | (755,000) | Transferred Out | WIP |
| 15. Beginning Balance, January 1 | 35,000 | Beginning Balance | FG |
| 16. (+) Additions (COGM) | 755,000 | Addition | FG |
| 17. (-) Ending Balance, December 31 | 15,000 | Ending Balance | FG |
| 18. = Transferred Out (COGS) | - | Transferred Out | FG |
1. What is the variable factory overhead costs for the year?
2. What are the total Manufacturing Costs?
3. What is the total Cost of Soods manufactured?
4. What are the total Goods Available for Sale?
5. What is the total Cost of Goods Sold?
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