Please help me understand how to find the cost of good manufactured, ending work in progress, ending finished goods, etc
The Zeus Manufacturing Company uses a job order costing system and normal costing. It started January 2018. Total production cost for Job A14 was $35.000. Job A14 was completed, but not sold border costing system and normal costing. It started operations in T 2018. During 2018, the total production cost (DM + DL + OH) charged to B14 was $24,000. Job B14 was still unfinished at the end of 2018. The endine balance for Materials inventory for 2018 Was 0,00 the end of 2018, all underapplied or overapplied overhead was closed totally to Cost of Goods Sold. 12 During 2019, Zeus started three new jobs: A15, B15 and C15. During 2019, the company charged overhead to the product based on Direct Labor Cost. Estimated overhead for 2019 was $60,000 and estimated Direct Labor Cost for 2019 was $48.000. Direct Materials and Direct Labor Costs charged to jobs were follows Sob B14W IP Job A15 FG Job B15 OG SJob C15 WIP Bouwp 29000 24000 Direct Materials $10,000 $15,000 $20,000 $6,000 SLOVO Direct Labor $12,000 $16,000 $ 8,000 $4,000 4400 . 11 SUSO 120,000 10,000 Sooo 000 Total 67,000 $1,000 38,000 15000 165orollat o POHRE 60000/48000 = $1.25 $150,000 Direct Material purchased during 2019 cost $55,000. Actual overhead incurred during the time period was $47,000. All jobs that had been worked on during 2019 were completed at the end of the year except Job C15. Only Job A15 was still in Finished Goods Inventory as of the end of 2019. -Endine Turs. Mfg ARK o Mat Used Cars. Mbg tak - End FG lw FAFS To answer the ten questions below, be sure to consider the information, as relevant, from 2018. (Don't forget to charge overhead to jobs, where relevant, as well.) PWH For Wio W R 27. Compute the cost of Goods Manufactured for 2019,M. low. Du Used SF600 Rea Gin $126,000 Thurch DL 28000 cool b. $141,000 Co Mart Aval On Borgesova $150,000 $165,000 28. Compute Ending Work in Process for 2019. sed & Beg wir 24000 na $6,000 6000 Sub. 165 COGS no $9,000 55000 -End WIP15000 $10,000 61000 $15,000 COGM 150000 - 20000 29. Compute Ending Finished Goods Inventory for 2019.4$60 a. $35,000 $36,000 $50,000 $51,000 b. Achal-47,000 50,000 App. 3,000 overapp. 30. Compute the underapplied or overapplied overhead for 2019, Applied $3,000 Overapplied Achal $13,000 Overapplied $10,000 Overapplied 47,000 > 35,000 $10,000 Underapplied None of the Above underapplied Compute the Ending Materials Inventory for 2019. 12,900 6000 $4,000 BM Globo Covo BM $6,000 Purch soooo Puch& S5ooo $8,000 MAF. G1000 let Av 61000 $10,000 - End to,woo EMT n o 10,000 Used Slooo Compute the Unadjusted Cost of Goods Sold for 2019. IS000 $99,000 $75,000 $110,000 $134,000 32. $110,000 61a38= 61+38+35=134 33. Assume that overhead was underapplied by $2,500 for 2019. The Adjusted Cost of Goods Sold for 2019 134 a. Would be the same as your answer in Question 32. + 2 Would be $2,500 more than your answer in Question 32. Would be $2,500 less than your answer in Question 32. 20/50-40% W4P SK corok Assume now that the applied overhead is to be prorated to the appropriate accounts rather than closed totally to Cost of Goods Sold. What percentage of the underapplied overhead would be prorated to Finished Goods Inventory? 10% ok 50% WIP 40% COGS 100% , Now assume that the underapplied overhead is prorated as follows: $800 to Work in Process $1,200 to Finished Goods $3,000 to Cost of Goods Sold Prorating (our Method #2) the Underapplied Overhead would yield a (higher or lower) income figure for the company than if the $5,000 was totally charged to Cost of Goods Sold for the period? a Higher b. Lower 35. 36. By how much would income change if we prorate the $5,000 compared to charging it totally to Cost of Goods Sold. You will need to refer to Question 35 to answer this question. $3,200 $3,000 Sloo M ercy $2,800 $2,000 gout 1200 = 2000 $800
