The Lincoln Production Company incurred direct labor costs of $278,000, and manufacturing overhead amounted to $224,000 during the year ended 31 May 2013. Materials purchases for the year were $245,000. Opening and closing inventories were as follows: Item 1 June 2012 31 May 2013 Direct materials $61,000 $52,000 Work-in-process 43,000 38,000 Finished goods 87,000 95,000 Required: 1. Calculate the Cost of Goods Manufactured by Lincoln Production Company. 2. The Cost of Goods Sold by Lincoln Production Company.

The Lincoln Production Company incurred direct labor costs of $278,000, and manufacturing overhead amounted to $224,000 during the year ended 31 May 2013. Materials purchases for the year were $245,000. Opening and closing inventories were as follows: Item 1 June 2012 31 May 2013 Direct materials $61,000 $52,000 Work-in-process 43,000 38,000 Finished goods 87,000 95,000 Required: 1. Calculate the Cost of Goods Manufactured by Lincoln Production Company. 2. The Cost of Goods Sold by Lincoln Production Company.

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

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