Amount transferred from wip to finished goods, Managerial Accounting

HGT Company initialized the accounting period with the following beginning balances:
        
During the accounting period, the company purchased $60,000 of raw materials and ended the period with $16,000 in raw material inventory. Direct labor costs for the period were $120,000 and $36,000 of manufacturing overhead costs was allocated to work in process. There was no over or under applied overhead. Ending work in process was $82,000 and ending finished goods inventory was $35,000. Goods were sold during the period for revenue of $350,000. The amount of cost of goods manufactured (i.e., amount transferred from WIP to finished goods) would be?

Posted Date: 3/14/2013 8:20:41 AM | Location : United States







Related Discussions:- Amount transferred from wip to finished goods, Assignment Help, Ask Question on Amount transferred from wip to finished goods, Get Answer, Expert's Help, Amount transferred from wip to finished goods Discussions

Write discussion on Amount transferred from wip to finished goods
Your posts are moderated
Related Questions

Describe Financial budgets Financial budgets: financial budgets are concerned with cash receipts and disbursements working capital expenditure financial position and business o

solution to problem 2-23,T-Accounts;applied overhead of Kleinman Company is a manufacturing firm and employess a job-order costing system.

A cash budget is one of the main important devices to plan and control cash payments and receipts. In preparation of a cash budget the subsequent points are considered. Cred

Important steps of budgetary control There are certain steps which are essential for the successful implementation of a budgetary control system. They are as follows: 1) Or

Characteristics of product life cycle The major characteristics of life-cycle concept are as follows: 1) The products have finite live and pass by the cycle of development i

Management Accounting An accounting discipline concerned with the use of financial information. It used to relevant information by managers and other decision makers inside a s

Kent Company had 800 units of product in its assembly department's work in process inventory at the starting of the period. During the period 3,000 additional units of product were

Responsibility Accounting This is a term used to define the measuring of performance of decentralized units, using account results. Responsibility accounting recognizes various

Given budgeted figures and actual, then analyses each fixed cost into its components