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Need help on Requirement 4 Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $28,000; direct labor,
Need help on Requirement 4
Requirement 2. Show how to compute cost of goods manufactured. Use the following amounts: direct materials used, $28,000; direct labor, $7,000; manufacturing overhead, $15,000; beginning Work-in-Process Inventory, $26,500; and ending Work-in-Process Inventory, $3,000. $ 26,500 Cost of Goods Manufactured Beginning Work-in-Process Inventory Direct Labor Manufacturing Overhead $ 7,000 15,000 28,000 Direct Materials Used Total Manufacturing Costs incurred during Period Total Manufacturing Costs to Account For Ending Work-in-Process Inventory 50,000 76,500 (3,000) 73,500 $ Cost of Goods Manufactured Requirement 3. Using the results from Requirement 2, calculate the cost per unit for goods manufactured assuming 1,500 units were manufactured. Cost of goods manufactured 73.500 Total units produced 1,500 = = Unit product cost $ 49 Requirement 4. Beginning Finished Goods Inventory had 130 units that had a unit cost of $48 each. Ending Finished Goods Inventory has 200 units left. Using the results from Requirement 3, calculate cost of goods sold assuming FIFO inventory costing is used. + 1L Beginning Finished Goods Inventory Cost of Goods Available for Sale Cost of Goods Manufactured Ending Finished Goods Inventory Gross Profit Choos Total Operating Expenses he input fields and then click CheckStep by Step Solution
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