Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one

image text in transcribed

Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. This is PDI's second period of operations. You'll need to use information from Period 1 above to complete the charts for Period 2. During the period, PDI purchased 800 pounds of Iron Ore. At the end of the period, they transferred 1,000 pounds of Iron Ore to WIP. They used 150 hours of direct labor and incurred $12,400 of Factory Overhead. PDI ended the period with $4,850 in WIP and 210 skillets in Finished Goods. Prepare the Schedule of Cost of Goods Manufactured for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Cost of Goods Manufactured Account Dollar Amount Direct Materials Used Direct Labor Factory Overhead Manufacturing Costs for the Period WIP Beginning Inventory WIP Ending Inventory Total Cost of Goods Manufactured (Transferred to Finished Goods) 12,400

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

Accounting Principles

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

9th Edition

978-0470317549, 9780470387085, 047031754X, 470387084, 978-0470533475

More Books

Students also viewed these Accounting questions

Question

In Exhibit 1 the inventories of Garsden Company are reported as $ .

Answered: 1 week ago