Chapter 5 - Name Nguyen Xuan Thanh Class Friday morning ID 1235735 CHAPTER 5 14 a The predetermined overhead application was $211,200 $192,000 =

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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
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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% =
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This note was uploaded on 11/23/2011 for the course MANAGEMENT 101 taught by Professor Nguyen during the Spring '11 term at Troy.

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Chapter 5 - Name Nguyen Xuan Thanh Class Friday morning ID 1235735 CHAPTER 5 14 a The predetermined overhead application was $211,200 $192,000 =

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