with calculations please and thank you. REVISED CHAPTER ONE HOMEWORK SET THREE S

Question

with calculations please and thank you.

REVISED CHAPTER ONE HOMEWORK SET THREE STUDENT COPY 1. Using tlie following data for February, calculate the cost of goods manufactured: Direct materials.... Direct labor Manufacturing overhead. Begiming work in process invento $36,000 $20,000 19,000 10,000 $13,000 Endng work in process inventory The cost of goods manufactured was: A) $78,000 B) $85,000 C) $72,000 D) $75,000 Calculation: Use the following information to answer questions 2 through 5: he following data (in thousands of dollars) have been taken from the accounting records of Karsten Corporation for the just completed year. $990 Sales Raw materials inventor Raw materials inventory, endin Purchases of raw materials Direct labor Manufacturing overhead Administrative expenses.. Selling expenses Work in process inventory, beginning Work in process inventory, en Finished goods inventory, beginning $70 30 $100 $200 $160 180 $150 $40 - $70 $150 $130 Finished goods inventory, ending. Use these data to answer the following series of questions 2. The cost of the raw materials used in production during the year (in thousands of dollars) was: A) $130 B) $170 C) $140 D) $60 Calculation:

Explanation / Answer

1 - Answer is C - $72,000

2 - C -$140

Question 3 - C, 4 -A

Question 5 - A

6 - C

7-A, 8-B

9-C

10-B

Purchases = Closing balance + Cost of goods sold - Opening balance = 16000+92000-14000 = 94000

Schedule of cost of goods manufactured Particulars Amount Amount Direct materials            36,000 Direct labor            20,000 Manufacturing overhead applied            19,000 Total manufacturing costs            75,000 Add: beginning WIP            10,000 Less: closing WIP            13,000 Cost of goods manufactured            72,000

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