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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Financial Accounting

ISBN: 9781260006452

17th Edition

Authors: Jan Williams, Susan Haka

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