1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, potting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.
2. Prepare a schedule to compute the prime cost incurred during July.
3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
Homework Answers
(A)
STATEMENT OF COST OF PRODUCTION OR COST OF GOODS MANUFACTURED
(AS OF JULY)
| PARTICULARS | $ |
| Direct material consumed | 1,04,000 |
| Direct labor | 1,60,000 |
| Direct expenses | 0 |
| PRIME COSTS | 2,64,000 |
| Factory Overheads | 80,000 |
| GROSS WORKS COST | 3,44,000 |
| Opening work-in-progress | 40,000 |
| Closing work-in-progress | -36,000 |
| NET WORKS COST | 3,48,000 |
| Office and admin. Expenses | 0 |
| Packing costs | 0 |
| COST OF PRODUCTION / GOODS MANUF. | 3,48,000 |
| Opening stock of finished goods | 1,02,000 |
| Closing stock of finished goods | -1,05,000 |
| COST OF GOODS SOLD | 3,45,000 |
The values of the table were calculated backwardly.
1) The closing work-in-progress is 90% of the opening.
2) After we find the value of GROSS WORKS COSTS backward, we can use a simple mathematical method to determine the values of DIRECT LABOR & FACTORY OVERHEADS.
Let, DIRECT LABOR be x.
therefore, FACTORY OVERHEADS = 50% OF x = 50x/100 = x/2
now, GROSS WORKS COSTS = direct material consumed + direct labor + factory overheads
344,000 = 104,000 + x + x/2
240,000 = 3x/2
x = (240000*2) / 3 = 160,000
Hence, DIRECT LABOR = 160,000
FACTORY OVERHEADS = 80,000
(B)
STATEMENT OF PRIME COSTS
| PARTICULAR | DETAILS | $ |
| DIRECT MATERIAL CONSUMED | ||
| Opening stock of raw materials | 20,000 | |
| Add: Purchases during the period | 1,10,000 | |
| Less: Closing stock of raw materials | -26,000 | 1,04,000 |
| DIRECT LABOR | 1,60,000 | |
| DIRECT EXPENSES | 0 | |
| PRIME COSTS | 2,64,000 |
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