Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Good Slings Inc. manufactures several wood and string instruments at its factory in Thunder Bay. In particular, it is well-known for its production of classic

Good Slings Inc. manufactures several wood and string instruments at its factory in Thunder Bay. In particular, it is well-known for its production of classic guitars. Assume that Good Slings uses a periodic inventory system and a physical count of inventory takes place at year end. The company accumulated the following costs and account balances for the year ended December 31, 2010 with respect to direct materials:

Balance of materials on January 1, 2010 $197,000
Balance of materials on December 31, 2010 $170,000
Materials purchases during 2010 $744,000

In addition, the following table shows Good Slings remaining costs for the year:

Indirect materials $60,000
Direct labor $287,000
Indirect labor $158,000
Utilities, factory $73,000
Utilities, office $27,000
Insurance, factory $17,000
Advertising $21,000

Do not enter dollar signs or commas in the input boxes. a) Calculate the cost of direct materials used in production for the year. Materials used in production: $Answer b) What is the total manufacturing overhead cost for the year? Manufacturing Overhead: $Answer c) Calculate total manufacturing costs. Total Manufacturing Costs: $Answer d) If there is no beginning work in process inventory and ending work in process inventory is $54,000, what is the cost of goods manufactured? Cost of Goods Manufactured: $Answer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Accounting questions

Question

7. Identify six intercultural communication dialectics.

Answered: 1 week ago