Chap 16-1 Class Problem Answer

Chap 16-1 Class Problem Answer - purchased 158,300 Cost of...

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ACII Class Problem Part 1 - Cost Concepts and Cost Allocation 1. Use the information below for the year ended December 31, 20xx, to prepare the statement of cost of goods manufactured. Inventories Beginning Ending Materials inventory $32,300 $ 33,900 Work in process inventory 40,500 41,900 Direct materials purchased 158,300 Total direct labor costs 231,300 Total indirect labor costs 45,200 Utilities 27,100 Depreciation 36,200 Small tools 3,100 Factory insurance 1,800 Factory supervision 39,500 Miscellaneous overhead costs 6,200 Correct Answer: Statement of Cost of Goods Manufactured For the Year Ended December 31, 20xx Direct materials used Materials inventory, January 1 $ 32,300 Direct materials
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Unformatted text preview: purchased 158,300 Cost of direct materials available for use $190,600 Less materials inventory, December 31 33,900 Cost of direct materials used $156,700 Direct labor costs 231,300 Overhead costs Indirect labor costs $ 45,200 Utilities 27,100 Depreciation 36,200 Small tools 3,100 Factory insurance 1,800 Factory supervision 39,500 Miscellaneous overhead costs 6,200 Total overhead costs 159,100 Total manufacturing costs $547,100 Add work in process inventory, January 1 40,500 Total cost of work in process during the year $587,600 Less work in process inventory, December 31 41,900 Cost of goods manufactured $545,700...
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Chap 16-1 Class Problem Answer - purchased 158,300 Cost of...

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