Exercise 14-11 Incomplete manufacturing cost data for Colaw Company for 2014 are
ID: 2461130 • Letter: E
Question
Exercise 14-11 Incomplete manufacturing cost data for Colaw Company for 2014 are presented as follows for four different situations. Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Manufacturing Overhead Total Manufacturing Costs Work in Process 1/1 Work in Process 12/31 Cost of Goods Manufactured (1) $127,000 $140,000 $87,000 $ (a) $33,000 $ (b) $360,000 (2) (c) 200,000 132,000 450,000 (d) 40,000 470,000 (3) 80,000 100,000 (e) 255,000 60,000 80,000 (f) (4) 70,000 (g) 75,000 288,000 45,000 (h) 270,000 Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2014. COLAW COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2014 Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, January 1Work in Process Inventory, December 31 $ Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, January 1Work in Process Inventory, December 31 $ Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, January 1Work in Process Inventory, December 31 Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, January 1Work in Process Inventory, December 31 Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, January 1Work in Process Inventory, December 31 Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, January 1Work in Process Inventory, December 31 AddLess : Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, January 1Work in Process Inventory, December 31 Cost of Goods ManufacturedDirect LaborDirect MaterialsManufacturing OverheadTotal Cost of Work in ProcessTotal Manufacturing CostsWork in Process, January 1Work in Process Inventory, December 31 $
Explanation / Answer
Solution :
Direct
Direct
Total
Work in
Work in
Materials
Labor
Manufacturing
Manufacturing
Process
Process
Cost of Goods
Used
Used
Overhead
Costs
1/1.
12/31.
Manufactured
1
127,000
140,000
87,000
354,000
(a)
33,000
27,000
(b)
360,000
2
118,000
(c)
200,000
132,000
450,000
60,000
(d)
40,000
470,000
3
80,000
100,000
75,000
(e)
255,000
60,000
80,000
235,000
(f)
4
70,000
143,000
(g)
75,000
288,000
45,000
63,000
(h)
270,000
Formula
Direct material +direct labour+manufacturing overhead=Total manufactuing cost
Total manufacturing cost + Begining WIP-ending WIP=Cost of goods manufactured
condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2014
$
Direct materials used
127,000
Add :
Direct Labour
140,000
Add :
Manufacturing overhead
87,000
Total manufacturing cost
354,000
Add :
Work in Process, January 1
33,000
Less :
Work in Process Inventory, December 31
-27,000
Cost of goods manufactured
360,000
Direct
Direct
Total
Work in
Work in
Materials
Labor
Manufacturing
Manufacturing
Process
Process
Cost of Goods
Used
Used
Overhead
Costs
1/1.
12/31.
Manufactured
1
127,000
140,000
87,000
354,000
(a)
33,000
27,000
(b)
360,000
2
118,000
(c)
200,000
132,000
450,000
60,000
(d)
40,000
470,000
3
80,000
100,000
75,000
(e)
255,000
60,000
80,000
235,000
(f)
4
70,000
143,000
(g)
75,000
288,000
45,000
63,000
(h)
270,000
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.