Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required: 1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31. 2. Compute the total
Required: 1. Compute the amount of Direct Materials Price Variance to be prorated to Finished Goods Inventory at December 31. 2. Compute the total amount of direct materials cost in the Finished Goods Inventory at December 31, after all materials variances have been prorated. 3. Compute the total amount of direct labor cost in the Finished Goods Inventory at December 31, after all variances have been prorated. 4. Compute the total Cost of Goods Sold (COGS) for the year ended December 31, after all variances have been prorated. (For all requirements, round your final answers to the nearest whole dollar amount.) 1. Direct materials price variance $ 14,948 2. Direct materials cost $ 3,863 3. Direct labor cost $ 136,733 4. Cost of goods sold $ 1,733,233
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