Answered step by step
Verified Expert Solution
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
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
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