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Accounting 225 Chapter 3 Notes Manufacturing Cost Flow practice problem for the end of lecture Known information: Beginning Raw Materials Inventory 9,000 Ending Raw Materials
Accounting 225 Chapter 3 Notes Manufacturing Cost Flow practice problem for the end of lecture Known information: Beginning Raw Materials Inventory 9,000 Ending Raw Materials Inventory 10,000 Beginning WIP Inventory 33,000 Ending FG Inventory 26.000 Revenues 488,000 Revenue 48% nou Reported gross margin 168,000 - COGS Indirect materials 14,000 320,000 Direct labor 101,000 Reported 168, ooo Prime Costs 255,000 gass megin Cost of Goods Completed & Transferred 310,000 Manufacturing overhead is applied based on machine hours, which were 1400. Predetermined overhead application rate is $45 per machine hour. For this period, overhead ended up being underapplied by $3,000 and is closed to COGS. Determine: (a) materials purchases, (b) actual MOH, (c) Ending WIP, (d) gross margin percentage, & (e) begin FG
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