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2. The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: Work-in-process inventory $0 Raw
2. The following account balances at the beginning of January were selected from the general ledger of Ocean City Manufacturing Company: | |||||||||||||||
Work-in-process inventory | $0 | ||||||||||||||
Raw materials inventory | $28,000 | ||||||||||||||
Finished goods inventory | $40,000 | ||||||||||||||
Additional data: | |||||||||||||||
1) Actual manufacturing overhead for January amounted to $62,000. | |||||||||||||||
2) Total direct labor cost for January was $63,000. | |||||||||||||||
3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $250,000 of direct labor cost and $350,000 of manufacturing overhead costs. | |||||||||||||||
4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5,200 (800 direct labor hours) and total direct material charges were $14,000. | |||||||||||||||
5) Cost of direct materials placed in production during January totaled $123,000. There were no indirect material requisitions during January. | |||||||||||||||
6) January 31 balance in raw materials inventory was $35,000. | |||||||||||||||
7) Finished goods inventory balance on January 31 was $34,500. | |||||||||||||||
What is the cost of goods manufactured for January? Show your work for full credit. |
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