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The following data from the recently completed year are taken from the accounting records of a manufacturing company that uses job-order costing. Sales $541,000 Direct
The following data from the recently completed year are taken from the accounting records of a manufacturing company that uses job-order costing. Sales $541,000 Direct labour cost $139,000 Raw material purchase $137,000 $90,000 Selling expenses Manufacturing overhead applied to work in process $184,000 Actual manufacturing overhead costs $229,000 Inventories: Beginning of the Year End of the Year Raw materials $17,000 $9,000 Work in process $20,000 $18,000 Finished goods $74,000 $45,000 Assume all raw materials used in production were direct materials. Carefully check your answers before submitting as inputs from part 1, 2 and 3 will impact your responses for parts 4, 5 and 6. As part of the Schedule of Cost of Goods Manufactured, compute the following: 1. Total raw materials used in production during the year. (3 marks) Number 2. Total manufacturing costs for the year. (1 mark) Number 3. Cost of goods manufactured for the year. (2 marks) Number As part of the Schedule of Cost of Goods sold, compute the following: 4. Cost of goods available for sale. (2 marks) Number 5. Unadjusted cost of goods sold. (1 mark) Number 6. Adjusted cost of goods sold. (1 mark) Number
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