201-SELF STUDY PROB-WEEK 3-S'12

201-SELF STUDY PROB-WEEK 3-S'12 -...

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8%8"9 8%:89 8%:; .<=>?@A 8%8" EXERCISE 3-30 (30 MINUTES) 1. CRUNCHEM CEREAL COMPANY SCHEDULE OF COST OF GOODS MANUFACTURED FOR THE YEAR ENDED DECEMBER 31, 20X1 Direct material: Raw-material inventory, January 1 . ................................. $ 30,000 Add: Purchases of raw material . ...................................... 278,000 Raw material available for use . ........................................ $308,000 Deduct: Raw-material inventory, December 31 . ............. 33,000 Raw material used . ............................................................ $275,000 Direct labor . ................................................................................ 120,000 Manufacturing overhead 252,000 * Total manufacturing costs . ....................................................... $647,000 Add: Work-in-process inventory, January 1 . ........................... 39,000 Subtotal . ...................................................................................... $686,000 Deduct: Work-in-process inventory, December 31 . ................ 42,900 Cost of goods manufactured . ................................................... $643,100 *Applied manufacturing overhead is $252,000 ($120,000 ! 210%). Actual manufacturing overhead is also $252,000, so there is no overapplied or underapplied overhead. 2. Finished-goods inventory, January 1 . ............................................................. $ 42,000 Add: Cost of goods manufactured . .................................................................. 643,100 Cost of goods available for sale . ...................................................................... $685,100
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201-SELF STUDY PROB-WEEK 3-S'12 -...

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