Joseph Co. pulled the following information from its record forfiscal year 2015. Manufacturing overhead is allocated at a rate of120% of Direct Labor cost. (Do not worry about closingManufacturing overhead.) All information given and asked of you isprior to closing Manufacturing overhead.
Raw Materials Purchases (includes DM and IM)
$82,000
Direct Materials used
$94,000
Indirect Material Used
$5,000
Cost of Goods Manufactured
$204,000
Manufacturing allocated to jobs
$96,000
Cost of Goods Sold
$149,000
Indirect Labor Used
$35,000
Under-allocation of Manufacturing Overhead
$8,000
Additionally, the following general ledger balances weregiven:
Raw Materials Inventory as of 1/1/2015
$30,000
Work in Process as of 1/1/2015
$10,000
Finished Goods Inventory as of 12/31/2015
$60,000
Compute the following:
D. What is the 1/1/2015 Cost of Goods Sold? ____________
E. Other manufacturing overhead costs incurred during the yearbesides those listed above? ___________
Joseph Co. pulled the following information from its record forfiscal year 2015. Manufacturing overhead is allocated at a rate of120% of Direct Labor cost. (Do not worry about closingManufacturing overhead.) All information given and asked of you isprior to closing Manufacturing overhead.
Raw Materials Purchases (includes DM and IM) | $82,000 |
Direct Materials used | $94,000 |
Indirect Material Used | $5,000 |
Cost of Goods Manufactured | $204,000 |
Manufacturing allocated to jobs | $96,000 |
Cost of Goods Sold | $149,000 |
Indirect Labor Used | $35,000 |
Under-allocation of Manufacturing Overhead | $8,000 |
Additionally, the following general ledger balances weregiven:
Raw Materials Inventory as of 1/1/2015 | $30,000 |
Work in Process as of 1/1/2015 | $10,000 |
Finished Goods Inventory as of 12/31/2015 | $60,000 |
Compute the following:
D. What is the 1/1/2015 Cost of Goods Sold? ____________
E. Other manufacturing overhead costs incurred during the yearbesides those listed above? ___________
Related questions
Messana Corporation reported the following data for the month of August:
| Inventories: | Beginning | Ending |
| Raw materials | $36,000 | $24,000 |
| Work in process | $23,000 | $17,000 |
| Finished goods | $37,000 | $55,000 |
| Additional information: | ||
| Raw materials purchases | $69,000 | |
| Direct labor cost | $94,000 | |
| Manufacturing overhead cost incurred | $54,000 | |
| Indirect materials included in manufacturing overhead cost incurred | $8,000 | |
| Manufacturing overhead cost applied to Work in Process | $56,000 |
The adjusted cost of goods sold that appears on the income statement for August is:
A) $211,000
B) $209,000
C) $247,000
D) $229,000
