What is the total manufacturing cost charged to work in process during 2018Calculate the cost of finished goods manufactured during 2018Calculate cost of goods sold for 2018 The Fowler Corporation began operations in January 2018 building farm tractors. During the year,the company started and completed 400 tractors at a cost of $81,000 per unit. Of these, 360 were soldfor $134,000 each and 40 remain in finished goods inventory. In addition, Fowler had 54 partlally completedunits in Its factory at year-end. Total costs for 2018 were as follows:Direct materials used $ 23,000,000Direct labor8,000,000Manufacturing overhead4,000,000General and administrative expenses6,000,000Selling expenses6,800,000

Cost of goods manufactured: This is the cost incurred to convert raw materials into finished goods…

Answered: What is the total manufacturing cost…

What is the total manufacturing cost charged to work in process during 2018 Calculate the cost of finished goods manufactured during 2018 Calculate cost of goods sold for 2018

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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Required: 1. What was the cost of raw materials put into production during the year? 2. How much of the materials in requirement 1 consisted of indirect materials? 3. How much of the factory labour cost for the year consisted of indirect labour? 4. What was the cost of goods manufactured for the year? 5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)? 6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year? 7. Was manufacturing overhead underapplied or overapplied? By how much? 8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $33,200 of this balance is direct materials cost, how much of it is direct labour cost? Manufacturing overhead cost?
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending Required: 1. Compute the amount of underapplied or overapplied overhead cost for the year. 2. Prepare a schedule of cost of goods manufactured for the year. Complete this question by entering your answers in the tabs below. The company uses a predetermined overhead rate of $24 per machine-hour to apply overhead cost to jobs. A total of 21,200 machine- hours were used during the year. Required 1 Required 2 Compute the amount of underapplied or overapplied overhead cost…
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