Principles of Financial Accounting (Elon University)
11th Edition
ISBN: 9781308839233
Author: Marshall
Publisher: McGraw-Hill Education
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Chapter 13, Problem 13.1ME
To determine
It is the cost that a company incurs to convert it raw material in to product. i.e. all that cost which is directly related to production of goods is termed as manufacturing cost. It includes direct material cost, direct labour cost and manufacturing
To calculate:
Total Manufacturing cost for May
Expert Solution & Answer
Answer to Problem 13.1ME
Total Manufacturing cost for May is $68,200
Explanation of Solution
Total Manufacturing cost for May is calculated as follows:
| Particulars | Amount |
| Raw material Used | 18000 |
| Direct Labour | 26000 |
| Factory Supplies | 2500 |
| Indirect Labour | 8000 |
| Plant | 6200 |
| 75% of Utilities( WN-1) | 7500 |
| Manufacturing Cost | $ 68,200 |
Working Notes-1
Utilities = $10000
Percentage of utilities cost that is related to factory cost = 75%
Utilities cost that need to include in Factory cost is
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Chapter 13 Solutions
Principles of Financial Accounting (Elon University)
Ch. 13 - Prob. 13.1MECh. 13 - Mini-Exercise 13.2 LO 5, 6 Calculate predetermined...Ch. 13 - Mini-Exercise 13.3 LO 6 Underapplied overhead...Ch. 13 - Mini-Exercise 13.4 LO 7 Statement of cost of goods...Ch. 13 - Prob. 13.5MECh. 13 - Prob. 13.6MECh. 13 - Exercise 13.7 LO 2 Value chain classifications...Ch. 13 - Prob. 13.8ECh. 13 - Exercise 13.9 LO 3, 4 Cost classifications For...Ch. 13 - Exercise 13.10
LO 3, 4
Cost classifications For...
Ch. 13 - Exercise 13.11
LO 4
Cost classifications Aussie...Ch. 13 - Exercise 13.12
LO 4
Cost classifications College...Ch. 13 - Exercise 13.13
LO 5
Product costing—various issues...Ch. 13 - Exercise 13.14
LO 5
Product costing—manufacturing...Ch. 13 - Exercise 13.15
LO 5, 6
Manufacturing...Ch. 13 - Exercise 13.16 LO 5, 6 Manufacturing...Ch. 13 - Prob. 13.17ECh. 13 - Prob. 13.18ECh. 13 - Prob. 13.19ECh. 13 - Exercise 13.20
LO 8
Variable versus absorption...Ch. 13 - Problem 13.21
LO 9
Activity-based costing MedTech,...Ch. 13 - Prob. 13.22PCh. 13 - Prob. 13.23PCh. 13 - Prob. 13.24PCh. 13 - Prob. 13.25PCh. 13 - Prob. 13.26PCh. 13 - Prob. 13.27PCh. 13 - Prob. 13.28PCh. 13 - Case 13.29 LO 4, 5, 7 Cost of goods manufactured,...Ch. 13 - Prob. 13.30CCh. 13 - Prob. 13.31CCh. 13 - Prob. 13.32C
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- helparrow_forwardBansai, age 66, retires and receives a $1,450 per month annuity from his employer's qualified pension plan. Bansai made $87,600 of after-tax contributions to the plan before retirement. Under the simplified method, Bansai's number of anticipated payments is 240. What is the amount includible in income in the first year of withdrawals assuming 12 monthly payments? A. $10,560 B. $12,540 C. $17,400 D. $8,220arrow_forwardWhat is the cost of goods sold?arrow_forward
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