{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Chapter 5 - Name Nguyen Xuan Thanh Class Friday morning ID...

Info icon This preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Name: Nguyen Xuan Thanh Class: Friday morning ID: 1235735 CHAPTER 5 14 / a) The predetermined overhead application was: $211,200 : $192,000 = 110% of direct labor b) Overhead applied : 110% x $46,800 = $51,480 The balance in WIP Inventory at the end of May: $66,300 + $46,800 + $51,480 = $164,580 c) The total cost of jobs completed was in May: Cost of goods completed = Beginning balance + Current period costs – Cost of jobs completed Cost of completed jobs = 277,200 + 192,000 + 211,200 - $164,580 = $515,820 15 / Direct Material Inventory Work in Process Inventory Beg.Balance 12,300 480,000 Beg.Balance 28,000 682,000 Purchase 471,800 Direct material 480, 000 Direct labor 90,000 Overhead 108,000 4,100 24, 000 Finished Goods Inventory Cost of Goods Sold Beg.balance 45,000 685,000 685,000 Goods completed 682, 000
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
42 ,000 a) Cost of goods sold is the amount of credit in Finished Goods Inventory: $685,000 b) Cost of goods manufactured: Beg.balance + Goods completed –COGS = End.balance Good completed = $42,000 - $45,000 + $685,000 = $682,000 c) Amount of overhead applied to production: $90,000 x 120% = $108,000 d) Good completed is the amount of credit in Work in Process Inventory: $682,000 Cost of direct material used: Beg.balance + Direct material + Direct labor + Overhead - Goods
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern