Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $19,000; direct labor, $6,000; manufacturingoverhead, $21,000; beginning Work-in-Process Inventory, $14,800; and ending Work-in-Process Inventory, $8,000. Cost of Goods Manufactured Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during Period Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirement 3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,100 units were manufactured. ÷ = Unit product cost ÷ = Requirement 4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $45 each. Ending Finished Goods Inventory has 250 units left. Using the results from Requirement 3, calculate cost of goods sold assuming FIFO inventory costing is used. + = - = Cost of Goods Sold
Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $19,000; direct labor, $6,000; manufacturingoverhead, $21,000; beginning Work-in-Process Inventory, $14,800; and ending Work-in-Process Inventory, $8,000. Cost of Goods Manufactured Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during Period Total Manufacturing Costs to Account For Cost of Goods Manufactured Requirement 3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,100 units were manufactured. ÷ = Unit product cost ÷ = Requirement 4. Beginning Finished Goods Inventory had 225 units that had a unit cost of $45 each. Ending Finished Goods Inventory has 250 units left. Using the results from Requirement 3, calculate cost of goods sold assuming FIFO inventory costing is used. + = - = Cost of Goods Sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used,
$19,000;
direct labor,
$6,000;
manufacturingoverhead,
$21,000;
beginning Work-in-Process Inventory,
$14,800;
and ending Work-in-Process Inventory,
$8,000.
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Cost of Goods Manufactured
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Direct Materials Used
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Direct Labor
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Manufacturing Overhead
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Total
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Total Manufacturing Costs to Account For
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Cost of Goods Manufactured
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Requirement 3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming
1,100
units were manufactured.|
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÷
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=
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Unit product cost
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÷
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=
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Requirement 4. Beginning Finished Goods Inventory had
225
units that had a unit cost of
$45
each. Ending Finished Goods Inventory has
250
units left. Using the results from Requirement 3, calculate cost of goods sold assuming FIFO inventory costing is used.|
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+
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=
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-
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=
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Cost of Goods Sold
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