Billy Bobs Manufacturing had the following data for the fiscal year ended December 31. Direct Materials Inventory,
Question:
Billy Bob’s Manufacturing had the following data for the fiscal year ended December 31.
Direct Materials Inventory, January 1 ............................ $ 30,000
Direct materials purchases .............................................. 350,000
Direct materials used ....................................................... 345,000
Fixed factory overhead .................................................... 480,000
Total factory overhead ..................................................... 560,000
Total manufacturing costs ............................................ 1,085,000
Work-in-Process Inventory, January 1 ............................. 42,000
Work-in-Process Inventory, December 31 ...................... 45,000
Finished Goods Inventory, January 1 ............................... 36,000
Goods available for sale ............................................... 1,076,000
Cost of goods sold ........................................................ 1,043,000
Required
Calculate the following costs:
1. Direct Materials Inventory on December 31.
2. Direct labor costs for the year.
3. Variable factory overhead costs for the year.
4. Cost of goods manufactured for the year.
5. Finished Goods Inventory on December 31.
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