Solution-Calculate total manufacturing costs

Calculate total manufacturing costs

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Reference no: EM132481405

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

Required

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: EM132481405

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Calculate total manufacturing costs

Reference no: EM132481405

Reference no: EM132481405

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