Solution-Prepare schedule of cost of goods manufactured for

Prepare schedule of cost of goods manufactured for the year

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Reference no: EM132463861

Question 1: Prepare a schedule of cost of goods manufactured for the year.

The following cost data relate to the manufacturing activities of Black Company during the just-completed year:

Manufacturing overhead costs:
Property taxes, factory	$ 3,900
Utilities, factory	6,350
Indirect labour	11,800
Depreciation, factory	26,250
Insurance, factory	7,800
Total actual manufacturing overhead costs	$ 56,100
Other costs incurred:
Purchases of raw materials.	36,500
Direct labour cost	$ 46,300
Inventories:
Raw materials, beginning	$ 9,800
Raw materials, ending	$ 7,900
Work in process, beginning	$ 7,350
Work in process, ending	$ 9,300

The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $5 per machine-hour; a total of 12,000 machine-hours were recorded for the year. All raw materials ultimately become direct materials-none are classified as indirect materials.

Reference no: EM132463861

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Prepare schedule of cost of goods manufactured for the year

Reference no: EM132463861

Reference no: EM132463861

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