1. Vogel Corporation’s cost of goods manufactured last month was $136,000. The b
ID: 2532159 • Letter: 1
Question
1. Vogel Corporation’s cost of goods manufactured last month was $136,000. The beginning finished goods inventory was $35,000 and the ending finished goods inventory was $48,000. Overhead was overapplied by $6,000. Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
How much is the cost of goods available for sale on the Schedule of Cost of Goods Sold?
Multiple Choice
$171,000
$117,000
$123,000
$136,000
2.
Tyare Corporation had the following inventory balances at the beginning and end of May:
During May, $58,500 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $12 per direct labor-hour, and it paid its direct labor workers $15 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $7,050 of direct materials cost. The Corporation incurred $42,000 of actual manufacturing overhead cost during the month and applied $39,600 in manufacturing overhead cost.
The raw materials purchased during May totaled:
Multiple Choice
$58,500
$67,500
$54,000
$63,000
May 1 May 30 Raw materials $ 25,500 $ 30,000 Finished Goods $ 75,000 $ 66,000 Work in Process $ 13,500 $ 16,500Explanation / Answer
1) cost of goods available for sale beginning finished goods 35000 add:cost of goods manufactured 136,000 cost of goods available for sale 171000 answer 2) Raw materials purchased Requistioned 58,500 Add:ending inventory 30,000 88,500 less opening inventory -25,500 Raw materials purchased 63,000 answer
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