The following accounts are from last year's books at Sharp Manufacturing:Raw MaterialsWork In Process0 (b)174,00016,000Bal0| (f)158,000 Bal(b)(c)(e)526,000(a)134,000172,000220,000Manufacturing Overhead24,000| (e)28,000160,000Finished Goods0 (g)526,000Bal480,000 (b)(c)(d)220,000(f)46,0008,000Cost of Goods Sold(g)480,000Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufacturedfor the year? Multiple Choice$259,000$480,000$472,000$526,000

Increase in inventory is debited and decrease in inventory is credited. Cost of goods manufactured…

The following accounts are from last year's books at Sharp Manufacturing: Raw Materials Work In Process 0 (b) 174,000 16,000 Bal 158,000 Bal 0 (f) 526,000 (a) (b) (c) (e) 134,000 172,000 220,000 Finished Goods 0 (g) 526,000 46,000 Manufacturing Overhead 24,000 (e) 28,000 160,000 Bal (b) (c) (d) 480,000 220,000 (f) 8,000 Cost of Goods Sold (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year?

The following accounts are from last year's books at Sharp Manufacturing: Raw Materials Work In Process 0 (b) 174,000 16,000 Bal 158,000 Bal 0 (f) 526,000 (a) (b) (c) (e) 134,000 172,000 220,000 Finished Goods 0 (g) 526,000 46,000 Manufacturing Overhead 24,000 (e) 28,000 160,000 Bal (b) (c) (d) 480,000 220,000 (f) 8,000 Cost of Goods Sold (g) 480,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year?

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter5: Process Cost Accounting—general Procedures

Section: Chapter Questions

Problem 6E: The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000...

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During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Required: 1. Calculate the total cost of direct materials used in production. 2. Calculate the cost of goods manufactured. Calculate the unit manufacturing cost. 3. Of the unit manufacturing cost calculated in Requirement 2, 2.70 is direct materials and 5.30 is overhead. What is the prime cost per unit? Conversion cost per unit?
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