Beginning raw materials Beginning raw materials $ 5 ,600.00 Ending raw materials

Question

Beginning raw materials

Beginning raw materials

$ 5,600.00 Ending raw materials $   4,200.00 Direct labor $ 17,250.00 Raw material purchases $7,400.00 Depreciation of factory equipment $ 6,750.00 Factory repairs and maintenance $   3,300.00 Beginning finished goods inventory $ 10,800.00 Ending finished goods inventory $   8,900.00 Beginning goods in process inventory $   5,350.00 Ending goods in process inventory $   6,300.00 OH application rate 60% of DL Calculate the costs of materials used Calculate the manufactoring costs incurred during the period Calculate the costs of goods manufactored during the period Calculate the costs of goods sold during the period Calculate the amount by which overhead is under- or over- applied

Explanation / Answer

Beginning raw materials            5,600 Raw material purchases            7,400 Less: Ending Raw Materials            4,200 Cost of Materials used            8,800 Direct Materials            8,800 Direct Labor          17,250 Depreciation of Factory Equipment            6,750 Factory repairs and Maintenance            3,300 Total Manufacturing Cost          36,100 Total Manufacturing Cost          36,100 Beginning Goods in Process Inventory            5,350 Less: Ending Goods in process Inventory            6,300 Cost of Goods Manufactured          35,150 Cost of Goods Manufactured          35,150 Beginning Finished Goods Inventory          10,800 Less: Ending Finished Goods Inventory            8,900 Cost of Goods Sold          37,050 OH application rate          10,350 Actual Overhead          10,050 Overhead under-applied                300

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