Scribd
Upload
38 views4 pages

Quiz 1 S

Vancouver Ltd. had beginning inventory balances of $12,150 in direct materials, $850 in work in process, and $200 in finished goods. During the period, they purchased $45,000 in direct materials and incurred $23,000 in direct labor and $24,700 in manufacturing overhead. Their ending inventory balances were $8,000 in direct materials, $3,500 in work in process, and $3,800 in finished goods. Their cost of goods manufactured was $94,200 and cost of goods sold was $90,600.

Uploaded by

Ammu Sandhu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
38 views4 pages

Quiz 1 S

Vancouver Ltd. had beginning inventory balances of $12,150 in direct materials, $850 in work in process, and $200 in finished goods. During the period, they purchased $45,000 in direct materials and incurred $23,000 in direct labor and $24,700 in manufacturing overhead. Their ending inventory balances were $8,000 in direct materials, $3,500 in work in process, and $3,800 in finished goods. Their cost of goods manufactured was $94,200 and cost of goods sold was $90,600.

Uploaded by

Ammu Sandhu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
You are on page 1/ 4

Cost of Goods Manufactured

Vancouver Ltd. has the below inventory balances and other information at the end of Dec 2019.

Balances
Beginning Ending

Direct Material $ 12,150.00 $ 8,000.00


Working in Process Inventory $ 850.00 $ 3,500.00
Finished Goods Inventory $ 200.00 $ 3,800.00

Other information
Purchase of Direct Material $ 45,000.00
Factory Supervisor Salaries $ 5,750.00
Sales Salaries and Commissions $ 7,250.00
Delivery Cost $ 1,400.00
Sales Revenue $ 115,000.00
Factory Utility Costs $ 1,200.00
Factory Rent $ 17,750.00
Direct Labor $ 23,000.00

Requirement

1. Cost of Goods Manufactured

=Direct Material Used $ 49,150.00

Direct Labor $ 23,000.00

Total Manufacturing Overhead $ 24,700.00

Current Manufacturing Costs $ 96,850.00


Manufacturing Costs Available to Complete

Cost of Goods Manufactured $ 94,200.00

2. Calculate Cost of Goods Sold


COGS $ 90,600.00
f Dec 2019.
90

You might also like