Question

In: Accounting

1. Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory...

1.

Use the following data to determine the cost of goods manufactured:

Beginning finished goods inventory $ 12,600
Direct labor used 32,400
Beginning work in process inventory 9,000
General and administrative expenses 15,300
Direct materials used 42,300
Ending work in process inventory 10,800
Indirect labor 8,100
Ending finished goods inventory 11,300
Indirect materials 15,300
Depreciation—factory equipment 9,300

2.

Current information for the Healey Company follows:

Beginning raw materials inventory $ 31,200
Raw material purchases 76,000
Ending raw materials inventory 32,600
Beginning work in process inventory 38,400
Ending work in process inventory 44,000
Direct labor 58,800
Total factory overhead 46,000


All raw materials used were traceable to specific units of product. Healey Company's cost of goods manufactured for the year is:

  • $171,000.

  • $176,600.

  • $173,800.

  • $179,400.

  • $185,000.

Solutions

Expert Solution

Answer- 1)- The cost of goods manufactured =$105600.

Explanation-

COST OF GOODS MANUFACTURED
PARTICULARS AMOUNT AMOUNT
$ $
Raw Materials Used in production 42300
Direct Labor 32400
Manufacturing Overhead:- 32700
Indirect materials 15300
Depreciation-factory equipment 9300
Indirect labor 8100
Total current manufacturing costs 107400
Add- Beginning Work in Process Invenotry 9000
Total work in process 116400
Less- Ending Work in Process Invenotry 10800
Cost of goods manufactured 105600

Answer-2)- Healey Company's cost of goods manufactured for the year is=$173800.

Explanation-

COST OF GOODS MANUFACTURED
PARTICULARS AMOUNT AMOUNT
$ $
Beginning Raw Materials Invenotry 31200
Add- Raw Material Purchases 76000
Total raw materials available 107200
Less-Ending Raw Material Inventory 32600
Raw Materials Used in production 74600
Direct Labor 58800
Total factory Overhead 46000
Total current manufacturing costs 179400
Add- Beginning Work in Process Invenotry 38400
Total work in process 217800
Less- Ending Work in Process Invenotry 44000
Cost of goods manufactured 173800

ekkarill92 answered 1 year ago
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