Question
Problem 1 Manufacturing Costs (15 points) Corporation had the following information available for their recent month: Beginning Ending Direct Materials 10,000 15,000 Work in Process
Problem 1 Manufacturing Costs (15 points)
Corporation had the following information available for their recent month:
|
| Beginning | Ending |
| Direct Materials | 10,000 | 15,000 |
| Work in Process | 5,000 | 7,500 |
| Finished Goods | 10,000 | 12,000 |
|
|
|
|
| Direct Materials Purchased |
| 75,000 |
| Direct Labor Costs |
| 110,000 |
| Factory Overhead |
| 60,000 |
|
|
|
|
| Sales |
| 500,000 |
|
|
|
|
| Selling Expenses |
| 100,000 |
| Administrative Expenses |
| 75,000 |
Required
Calculate the following amounts:
| Questions | Answers |
| Direct Materials Used |
|
| Total Manufacturing Costs |
|
| Total Cost of Goods Manufactured |
|
| Total Cost of Goods Sold |
|
| Gross Profit |
|
| Net Income |
|
Calculations
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Cost Accounting A Managerial Emphasis
Authors: Charles T. Horngren, Srikant M. Datar, Madhav V. Rajan
15th edition
978-0133428704
