Answered step by step
Verified Expert Solution
Question
1 Approved Answer
East Corp.Os records indicate the total costs charged to Work in Process in August was $625,000. Direct materials accounted for $225,000 and the remainder was
"East Corp.Os records indicate the total costs charged to Work in Process in August was $625,000. Direct materials accounted for $225,000 and the remainder was labor and overhead. The rate paid to laboris $15 per hour while overhead is assigned at a rate of $25 per labor hour. The amount of overhead costs for August were (Round to the nearest dollar)? Molten Metals, Inc. started operations in 2020. It uses an actual manufacturing overhead rate based on direct labor hours to apply its indirect product costs to jobs. The following information has been collected for 2020: Direct materials $ 155,000 Direct labor $ 205,000 Sales commissions $ 105,000 Indirect labor S 55,000 Rent on office equipment S 30,000 Depreciation--factory building S 80,000 Utilities-factory $ 105,000 Molten Metals used 10,000 direct labor hours and 20,000 machine hours during the previous year. Assume there are no beginning or ending Work in Process inventory. If 6,000 units of a single product were manufactured in 2020 and 4,000 units were sold, what is the Cost of Goods Sold (Round to the nearest dollar)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started