er short handout). Go over assi ass assi long report. Bring in q gnment Ger MANA
ID: 2390518 • Letter: E
Question
er short handout). Go over assi ass assi long report. Bring in q gnment Ger MANAGERIAL ACCOUNTING GRADED PROBLEMS -CHAPTER 3 1) Haver Corporation has provided the following data concerning last month's operations. $ 32,000 Purchases of raw materials Indirect materials included in manufacturing overhead Direct labor cost Manufacturing overhead applied to Work in Process $ 4,000 S 58,000 $ 84,000 Raw materials inventory Work in process inventory Finished goods inventory Beginning S 10,000 S 58,000 s 32,000 49,000 Ending S 16,000 $ 74,000 Complete the Schedule of Cost of Goods Sold. 2) The Simkins Corporation uses a job-order costing system. The following activities took place during the month of May $40,000 $35,000 Raw materials purchased Raw materials (all direct) used in production Salaries and wages costs: Direct labor cost Indirect labor cost Sales salaries Factory utility costs Depreciation on factory equipment Advertising expense Manufacturing overhead is applied at the predetermined rate of I 50% of direct labor cost. a. b. c. $60,000 S30,000 $25,000 $15,000 $50,000 $80,000 d. e. f. g. $180.000
Explanation / Answer
Haver Corporation
Schedule of cost of goods sold
Raw material purchased
$ 32,000.00
Add: Beginning raw materials inventory
$ 10,000.00
Less: Ending raw materials inventory
-$ 16,000.00
Direct material consumed
$ 26,000.00
Direct labor cost
$ 58,000.00
Manufacturing overhead
$ 84,000.00
Cost of production
$ 168,000.00
Add: Beginning work in process inventory
$ 58,000.00
Less: Ending work in process inventory
-$ 74,000.00
Cost of goods manufactured
$ 152,000.00
Add: Beginning finished goods inventory
$ 32,000.00
Cost of goods available for sale
$ 184,000.00
Less: Ending finished goods inventory
-$ 49,000.00
Cost of goods sold
$ 135,000.00
Haver Corporation
Schedule of cost of goods sold
Raw material purchased
$ 32,000.00
Add: Beginning raw materials inventory
$ 10,000.00
Less: Ending raw materials inventory
-$ 16,000.00
Direct material consumed
$ 26,000.00
Direct labor cost
$ 58,000.00
Manufacturing overhead
$ 84,000.00
Cost of production
$ 168,000.00
Add: Beginning work in process inventory
$ 58,000.00
Less: Ending work in process inventory
-$ 74,000.00
Cost of goods manufactured
$ 152,000.00
Add: Beginning finished goods inventory
$ 32,000.00
Cost of goods available for sale
$ 184,000.00
Less: Ending finished goods inventory
-$ 49,000.00
Cost of goods sold
$ 135,000.00
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