Part I: Multiple Choice (Use the Scan Sheet): (30 Questions x 2 points each =60
ID: 2643756 • Letter: P
Question
Part I: Multiple Choice (Use the Scan Sheet): (30 Questions x 2 points each =60 points) For each of the following questions, choose the bi answer then darken the identifying letter to the corresponding number in the Scan Sheet. Use the following information for the next 2 questions 1. Calculate the cost of goods manufactured, cost of goods sold, and total manufacturing costs. 2. Calculate the direct labour costs, and manufacturing overhead costs. 3. Xristina is employed in the production of various electronic products, and earns $15 per hour. She is paid time-and-a-half for work in excess of 40 hours per week. During a given week she worked a total of 50 hours of which there were seven hours of idle time due to machine break-down. A customer request also caused two hours of overtime and bad scheduling also contributed to the overtime. How much of her week's wages would be charged to manufacturing overhead and direct labour?Explanation / Answer
1.
Cost of good sold:
= beginning inventory + purchases-ending inventory
Manufacturing Cost = Labor + Materials + Overhead
2. Direct labor cost
Prime costs = direct materials cost + direct labor cost
10000 = 7000+direct labor cost
direct labor cost = 3000
Conversion costs = direct labor cost + manufacturing overheads
20000 = 3000 + manufacturing overhead
manufacturing overhead = 17000
3. Manufacturing overhead would be cost related to manufacturing so, total hours are 50, less 7 hours idle time due to break down = 50-7=43
15*40+7.5*3 = 622.5
Direct labor would be all 50 hours = 40*15+10*7.5= 675
Cost of good manufactured Prime costs 10,000 Conversion costs 20,000 direct material used 7,000 Total manufacturing cost 37,000 Less ending WIP (25,000) Cost of good manufactured 62,000Related Questions
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