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Assignment 1.1

The document shows accounting information for raw materials, work in process, finished goods, and manufacturing overhead for a company. It begins with raw materials at 30,000 and purchases of 52,000, for a total of 82,000 available for use. Raw materials used were 55,000, leaving ending raw materials of 27,000. Total manufacturing costs were 143,000 and cost of goods manufactured was 155,000, with cost of goods sold of 152,000 and an overapplied manufacturing overhead of 8,400.

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Evie Marionette
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99 views3 pages

Assignment 1.1

The document shows accounting information for raw materials, work in process, finished goods, and manufacturing overhead for a company. It begins with raw materials at 30,000 and purchases of 52,000, for a total of 82,000 available for use. Raw materials used were 55,000, leaving ending raw materials of 27,000. Total manufacturing costs were 143,000 and cost of goods manufactured was 155,000, with cost of goods sold of 152,000 and an overapplied manufacturing overhead of 8,400.

Uploaded by

Evie Marionette
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Raw Materials - Beginning 30,000

Purchases 52,000
Raw Materials available for Use 82,000
Raw Materials - Ending (27,000)
Raw Materials Used 55,000
Direct Labor 55,000
Indirect Material (12,000)
Manufacturing Overhead -Applied 45,000
Total Manufacturing Cost 143,000
Work in Process - Beginning 54,000
Work in Process - Ending (42,000)
Cost of Goods Manufactured 155,000
Finished Goods - Beginning 45,000
Total Goods Available for Sale 200,000
Finished Goods - Ending (48,000)
Cost of Goods Sold 152,000

Over or Underapplied Overhea (8,400)


Given: Solution:
Inventory Beginning Ending Raw Material Inventory
Raw Materials 30,000 27,000 30,000
Work in Process 54,000 42,000 52,000
Finished Goods 45,000 48,000

Direct Labor 55,000


Indirect Material 12,000
Indirect Labor 21,000 27,000
Other Manufacturing Overhead 3,600
Estimated (Applied) Manufacturing Overhead 45,000
Raw Materials Purchases 52,000 Finished Goods Inventory
45,000
155,000
Answer:
Total Manufacturing Cost 143,000
Cost of Goods Manufactured 155,000
Cost of Goods Sold 152,000
Over or Underapplied Overhead (8,400) 48,000
Raw Material Inventory Work In Progress Inventory
55,000 54,000 155,000
43,000 DM Used: 43,000
55,000 IM Used: 12,000
45,000

42,000

nished Goods Inventory Manufacturing Overhead Control Account

152,000 12,000 45,000


21,000
3,600

(8,400)
CGS 152,000
143,600

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