21. The following data pertain to the Oklahoma River Manufacturing Compnay for t
ID: 2456419 • Letter: 2
Question
21. The following data pertain to the Oklahoma River Manufacturing Compnay for te year ended December 31, 2016:
Beginning direct material inventory
$8,000
Factory supplies
$128,500
Ending direct material inventory
3,000
Factory depreciation
38,000
Beginning work in process inventory
7,000
Depreciation on sales office
20,000
Ending work in prices inventory
5,000
Assembly line labor cost
750,000
Beginning finished goods inventory
17,000
Sales salaries
75,000
Ending finished foods inventory
6,000
Depreciation on factory equipment
110,000
Direct material purchased
504,000
Factory supervision
350,000
Required:
What is the cost of direct material used during 2016?
What is the cost of direct labor used during 2016?
What is the cost of manufacturing overhead for 2016?
What is the total manufacturing cost incurred during 2016?
What is the cost of goods manufactured for 2016?
What is the cost of goods sold for 2016?
Beginning direct material inventory
$8,000
Factory supplies
$128,500
Ending direct material inventory
3,000
Factory depreciation
38,000
Beginning work in process inventory
7,000
Depreciation on sales office
20,000
Ending work in prices inventory
5,000
Assembly line labor cost
750,000
Beginning finished goods inventory
17,000
Sales salaries
75,000
Ending finished foods inventory
6,000
Depreciation on factory equipment
110,000
Direct material purchased
504,000
Factory supervision
350,000
Explanation / Answer
Begnning inventory Purchases Ending Inventory Total Cost of Direct Material 8000 504000 3000 509000 Cost of Direct Labour 750000 Cost Of manufacturing overhead(Factory supplies, factory depreciation,dep. Of factory equipment,factory supervision) 626500 Total manufacturing Cost 8000 504000 3000 1885500 Cost of Goods manufactured 7000 1885500 5000 1887500 Cost of Good Sold 17000 1887500 6000 1898500
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