The Weaver Manufacturing Company incurred direct labor costs of $233,000, and manufacturing overhead amounted to $186,000 during the year ended 30 June 2012. Materials purchases for the year were $210,000. Opening and closing inventories were as follows: Item 1 July 2011 30 June 2012 Direct materials $53,000 $47,000 Finished goods Work-in-process 35,000 92,000 41,000 84,000 Required: 1. Calculate the Cost of Goods Manufactured by Weaver Manufacturing Company. 2. The Cost of Goods Sold by Weaver Manufacturing Company.

The Weaver Manufacturing Company incurred direct labor costs of $233,000, and manufacturing overhead amounted to $186,000 during the year ended 30 June 2012. Materials purchases for the year were $210,000. Opening and closing inventories were as follows: Item 1 July 2011 30 June 2012 Direct materials $53,000 $47,000 Finished goods Work-in-process 35,000 92,000 41,000 84,000 Required: 1. Calculate the Cost of Goods Manufactured by Weaver Manufacturing Company. 2. The Cost of Goods Sold by Weaver Manufacturing 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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Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
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Accounting. The weaver manufacturing company incurred direct labour cost
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