Question
Work in Process Wages Manufacturing Finished Goods Raw Materials Inventory Payable Overhead Inventory Inventory 28,500 124,500 73,000 73,000 4,500 43,000 124,500 113,500 57,000 33,000 65,000
Work in Process |
| Wages |
| Manufacturing |
| Finished Goods |
| Raw Materials | |||||||||||||||
Inventory |
| Payable |
| Overhead |
| Inventory |
| Inventory | |||||||||||||||
28,500 | 124,500 |
| 73,000 |
|
| 73,000 |
| 4,500 | 43,000 |
| 124,500 | 113,500 |
| 57,000 |
| 33,000 | |||||||
65,000 |
|
|
|
|
|
|
| 8,000 |
|
|
|
|
|
|
|
| |||||||
43,000 |
|
| Balance 0 |
|
|
|
| 40,500 |
|
|
|
|
|
|
|
|
Unique produces screens for use in various smartphones. The company reports the following information at December 31.
Unique began operations on January 31 earlier that same year.
1.
What is the cost of direct materials used?
2.
What is the cost of indirect materials used?
3.
What is the cost of direct labor?
4.
What is the cost of indirect labor?
5.
What is the cost of goods manufactured?
6.
What is the cost of goods sold (before adjusting for any under- or overallocated manufacturing overhead)?
7.
What is the actual manufacturing overhead?
8.
How much manufacturing overhead was allocated to jobs?
9.
What is the predetermined manufacturing overhead rate as a percentage of direct labor cost?
10.
Is manufacturing overhead underallocated or overallocated? By how much?
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