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Calculate the cost of direct materials used in production

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Reference no: EM132500637

Top Strings Inc. manufactures several wood and string instruments. In particular, it is well-known for its production of classic guitars. Assume that Top Strings uses a periodic inventory system and a physical count of inventory takes place at year end. The company accumulated the following costs and account balances for the year ended December 31, 2019 with respect to direct materials:

Balance of materials on January 1, 2019                               $200,000
Balance of materials on December 31, 2019                             150,000
Materials purchases during 2019                                            750,000

In addition, the following table shows Top Strings' remaining costs for the year:

Indirect materials                       $60,000

Direct labor                                    300,000

Indirect labor                             160,000

Utilities, factory                         70,000

Utilities, office                            20,000

Insurance, factory                    15,000

Advertising                                25,000

Question a) Calculate the cost of direct materials used in production for the year.

Question b) What is the total manufacturing overhead cost for the year?

Question c) Calculate total manufacturing costs.

Question d) If there is no beginning work in process inventory and ending work in process inventory is $50,000, what is the cost of goods manufactured?

Reference no: EM132500637

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