For COGM, assume that all Padfolios produced in the month were completed and moved out of WIP but that only half of the Business Cards were completed (all units are reported at the per unit cost calculated in #3). None of the items in Beginning WIP were completed. 65,500 Direct Materials Beginning DM $ +Purchases $ -DM Used =Ending DM Work-in-Process 30,000 Beginning WIP $ 75,000 +Total Mfg Cost -COGM =Ending WIP Finished Goods 32,750 Beginning FG $ +COGM -COGS $ =Ending FG 135,000 Assuming Normal Costing, calculate the total amount of under-or over-allocated overhead for the year. Over/(Under)-allocated OH Calculate the ending inventory balances and COGS if over/(under)-allocated manufacturing overhead is written off to COGS. Total Work-in-Process Unadjusted WIP + Adjust M.OH =Adjusted WIP Finished Goods Unadjusted FG + Adjust M.OH =Adjusted FG Cost of Goods Sold Unadjusted COGS + Adjust M.OH =Adjusted COGS $ $ $ Calculate the ending inventory balances if over/(under)-allocated manufacturing overhead is pro-rated based on the accounts' unadjusted balances. Total $ Work-in-Process Unadjusted WIP Unadjusted % + Adjust M.OH =Adjusted WIP Finished Goods Unadjusted FG Unadjusted % + Adjust M.OH =Adjusted FG Cost of Goods Sold Unadjusted COGS Unadjusted % + Adjust M.OH =Adjusted COGS 0% $ $ For COGM, assume that all Padfolios produced in the month were completed and moved out of WIP but that only half of the Business Cards were completed (all units are reported at the per unit cost calculated in #3). None of the items in Beginning WIP were completed. 65,500 Direct Materials Beginning DM $ +Purchases $ -DM Used =Ending DM Work-in-Process 30,000 Beginning WIP $ 75,000 +Total Mfg Cost -COGM =Ending WIP Finished Goods 32,750 Beginning FG $ +COGM -COGS $ =Ending FG 135,000 Assuming Normal Costing, calculate the total amount of under-or over-allocated overhead for the year. Over/(Under)-allocated OH Calculate the ending inventory balances and COGS if over/(under)-allocated manufacturing overhead is written off to COGS. Total Work-in-Process Unadjusted WIP + Adjust M.OH =Adjusted WIP Finished Goods Unadjusted FG + Adjust M.OH =Adjusted FG Cost of Goods Sold Unadjusted COGS + Adjust M.OH =Adjusted COGS $ $ $ Calculate the ending inventory balances if over/(under)-allocated manufacturing overhead is pro-rated based on the accounts' unadjusted balances. Total $ Work-in-Process Unadjusted WIP Unadjusted % + Adjust M.OH =Adjusted WIP Finished Goods Unadjusted FG Unadjusted % + Adjust M.OH =Adjusted FG Cost of Goods Sold Unadjusted COGS Unadjusted % + Adjust M.OH =Adjusted COGS 0% $ $
