Cost of Goods Manufactured, Cost Identification, Solving for Unknowns

Allright Test Design Company creates, produces, and sells Internet-based CPA and CMA review courses for individual use. Davis Webber, head of human resources, is convinced that question development employees must have strong analytical and problem-solving skills. He asked Andrea Lee, controller for Allright Test Design, to help develop problems for use in screening applicants before they are interviewed. One of the problems Andrea developed is based on the following data for a mythical company (Mythic, Inc.) for the previous year:

Conversion cost was $148,000 and was four times the prime cost.

Direct materials used in production equaled $4,500.

Cost of goods manufactured was $162,700.

Ending work in process is 40 percent of the cost of beginning work in process.

There are no beginning or ending inventories for direct materials.

Cost of goods sold was 110 percent of cost of goods manufactured.

Beginning finished goods inventory was $22,330.

Required:

Question Content Area

1. Using the given information, prepare a cost of goods manufactured statement.

Mythic, Inc. Statement of Cost of Goods Manufactured For the Previous Year

Beginning work in processCost of goods manufacturedDirect materialsEnding work in processTotal current manufacturing costs	$- Select -
Beginning work in processCost of goods manufacturedDirect laborEnding work in processTotal current manufacturing costs	- Select -
Beginning work in processEnding work in processManufacturing overheadTotal current manufacturing costs	- Select -
Cost of goods manufacturedCost of goods soldDirect laborDirect materialsTotal current manufacturing costs	$- Select -
Add: Beginning work in processAdd: Cost of goods manufacturedAdd: Direct laborAdd: Direct materialsAdd: Ending work in processAdd: Manufacturing overheadAdd: Total current manufacturing costs	- Select -
Less: Beginning work in processLess: Cost of goods manufacturedLess: Direct laborLess: Direct materialsLess: Ending work in processLess: Manufacturing overheadLess: Total current manufacturing costs	- Select -
Cost of goods manufactured	$fill in the blank 066346f8b06d00a_13

Question Content Area

2. Using the given information, prepare a cost of goods sold statement.

Mythic, Inc. Statement of Cost of Goods Sold For the Previous Year

Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overhead	$- Select -
Add: Beginning finished goodsAdd: Cost of goods available for saleAdd: Cost of goods soldAdd: Ending finished goodsAdd: Manufacturing overhead	- Select -
Beginning finished goodsCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goodsManufacturing overhead	$- Select -
Less: Beginning finished goodsLess: Cost of goods available for saleLess: Cost of goods manufacturedLess: Cost of goods soldLess: Ending finished goodsLess: Manufacturing overhead	- Select -
Cost of goods sold	$fill in the blank 9d1229fd8057009_9