Reference no: EM131565271

1. Nantahala Company has the following information for August.

2. Instructions: For August determine (a) the cost of goods manufactured (b) the cost of goods sold:

DIRECT LABOR                                        $30,000     

FACTORY OVERHEAD                                45,000

WORK IN PROCESS INVENTORY 8/01         10,000 

WORK IN PROCESS INVENTORY, 8/31         8,000 

FINISHED GOODS INVENTORY, 8/01           18,000

FINISHED GOODS INVENTORY, 8/31           10,000

1. Tsail Company has the following information for February:

2. Instructions: For February, determine (a) the cost of goods manufactured (b) the cost of goods sold:

COST OF DIRECT MATERIALS USED IN PRODUCTION        $18,000

DIRECT LABOR                                                               54,000                                                                  

FACTORY OVERHEAD                                                       36,000     

WORK IN PROCESS INVENTORY, 2/01                               50,000

WORK IN PROCESS INVENTORY, 2/28                               57,000 

FINISHED GOODS INVENTORY, 2/01                                 22,000

FINISHED GOODS INVENTORY, 2/28                                 26,000

1. Classify these industries with respect to the type of cost accumulation procedure generally used - job order costing or process costing.

ITEMS

MEAT

SUGAR

STEEL

BREAKFAST CEREAL

WOODEN FURNITURE

TOYS

COKE

COOKING UTENSILS

CASKETS.