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In: Accounting

    E2-6 (Algo) Finding Unknown Values in the Cost of Goods Manufactured Report [LO 2-3, 2-6]...

   

E2-6 (Algo) Finding Unknown Values in the Cost of Goods Manufactured Report [LO 2-3, 2-6]

Mulligan Manufacturing Company uses a job order cost system with overhead applied to products at a rate of 150 percent of direct labor cost.

Required:
Treating each case independently, selected from the manufacturing data given below, find the missing amounts. You should do them in the order listed. (Hint: For the manufacturing costs in Case 3, first solve for conversion costs and then determine how much of that is direct labor and how much is manufacturing overhead.) (Do not round your intermediate calculations. Round your final answers to the nearest whole dollar. Enter all amounts as positive values.)

   

Case 1 Case 2 Case 3
Direct material used 12,000 10,800
Direct labor 14,000
Manufacturing overhead applied 11,000
Total current manufacturing costs 28,000 31,800
Beginning work in process inventory 10,000 9,000
Ending work in process inventory 4,500 8,300
Cost of goods manufactured 41,000 19,001
Beginning finished goods inventory 4,000 10,100
Ending finished goods inventory 7,400 6,000
Cost of goods sold 35,000 39,000


   

Solutions

Expert Solution

General formulas

1. Total current manufacturing cost= Direct materials used + direct labor + manufacturing overheads

2. Cost of goods manufactured= total current manufacturing cost + beginning work in process inventory - ending work in process inventory

3. Cost of goods sold= cost of goods manufactured+beginning finished goods- ending finished goods.


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