17. BE.15-05.ALGO

Cost of Goods Sold, Cost of Goods Manufactured

Glenville Company has the following information for April:

Cost of direct materials used in production	$	54,000
Direct labor		61,000
Factory overhead		34,000
Work in process inventory, April 1		48,000
Work in process inventory, April 30		45,000
Finished goods inventory, April 1		28,000
Finished goods inventory, April 30		18,000

a. For April, determine the cost of goods manufactured.

Using the data given, prepare a statement of Cost of Goods Manufactured.

Glenville Company
Statement of Cost of Goods Manufactured
		$
	$
Total manufacturing costs incurred in April
Total manufacturing costs		$
Cost of goods manufactured		$

b. For April, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold.

Glenville Company
Statement of Cost of Goods Sold
	$
	$
Cost of goods sold	$

18. BE.16-04.ALGO

Applying Factory Overhead

Hatch Company estimates that total factory overhead costs will be $360,000 for the year. Direct labor hours are estimated to be 30,000.

a. For Hatch Company, determine the predetermined factory overhead rate using direct labor hours as the activity base. $ per direct labor hour

b. During May, Hatch Company accumulated 760 hours of direct labor costs on Job 200 and 790 hours on Job 305. Determine the amount of factory overhead applied to Jobs 200 and 305 in May. $

c. Prepare the journal entry to apply factory overhead to both jobs in May according to the predetermined overhead rate.