Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below.
Homework Answers
Answer:
Formula
Cost of goods manufactured = Total Manufacturing Cost (Direct Materials + Direct Labor + Overhead applied) + Beginning Work In Process Inventory – Ending Work in Process Inventory
Total manufacturing cost = Direct Materials + Direct Labor + Overhead applied
Direct material = Beginning Raw Materials Inventory + Raw Material Purchases – Ending Raw Materials Inventory – Indirect Materials Used
Calculation:
Direct material=0+56000-28000
=28000
Direct labor = 45400*20%(i.e only 20% was of labor time was utilized for production purpose
=9080
Total manufacturing cost = 28000+9080+34200
=71280
COST OF GOODS MANUFACTURED = 71280+0-6200
=65080
Additional benefit from my side:
Giving Tabular calculation also for your purpose
| CLASSIC SOUND | ||
| Schedule of cost of goods manufactured | ||
| For the Quarter ended XXX | ||
| Direct Materials: | ||
| Beginning raw materials inventory | - | |
| Add:Purchase of raw material | 56,000.00 | |
| Raw material available for use | 56,000.00 | |
| Deduct: Ending raw materials inventory | 28,000.00 | |
| Raw material used in production | 28,000.00 | |
| Director Labour(45400*20%) | 9,080.00 | |
| Overhead | 34,200.00 | |
| Total manufactoring costs | 71,280.00 | |
| Add:Begning work in progress inventory | - | |
| Deduct:Ending work in process inventory | 6,200.00 | |
| Total cost of goods manufactured | 65,080.00 | |
Add Answer to:
Classic Sound is a start-up company that produces vinyl records
for numerous record labels worldwide. The...
Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The...
Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below. Beginning raw materials inventory Purchases of raw materials Ending raw materials inventory Direct labour Manufacturing overhead Beginning work in process inventory Ending...
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The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from
the accounting records of Mason Company:
Sales
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656,000
Direct labor cost
$
82,000
Raw material purchases
$
138,000
Selling expenses
$
101,000
Administrative expenses
$
42,000
Manufacturing overhead applied to work in process
$
210,000
Actual manufacturing overhead costs
$
221,000
Inventories
Beginning
Ending
Raw materials
$
8,100
$
10,800
Work in process
$
5,100
$
21,000
Finished goods
$
79,000
$
25,500
Required:
1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason...
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materials.
2. Prepare a schedule of cost of goods sold. Assume that the
company's underapplied or overapplied overhead is closed to Cost of
Goods Sold.
3. Prepare an income statement.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to...
The following data from the just completed year are taken from the accounting records of Mason...
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1 The following data from the just completed year are taken from the accounting records of...
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Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below. Beginning raw materials inventory Purchases of raw materials Ending raw materials inventory Direct labour Manufacturing overhead Beginning work in process inventory Ending...
CI The following cost data relate to the manufacturing activities of Chang Company during the just completed year. Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 15,500 135,000 8,5 75,000 230,700 10.500 $ 475,200 $405,000...
The following data from the just completed year are taken from
the accounting records of Mason Company:
Sales
$
656,000
Direct labor cost
$
82,000
Raw material purchases
$
138,000
Selling expenses
$
101,000
Administrative expenses
$
42,000
Manufacturing overhead applied to work in process
$
210,000
Actual manufacturing overhead costs
$
221,000
Inventories
Beginning
Ending
Raw materials
$
8,100
$
10,800
Work in process
$
5,100
$
21,000
Finished goods
$
79,000
$
25,500
Required:
1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 650,000 $ 85,000 $ 137,000 $ 107,000 $ 47,000 $ 202,000 $ 220,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,000 $ 5,400 $ 74,000 Ending $ 10,900 $ 20,000 $ 25, 400 Required: 1. Prepare a...
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 659,000 $ 81,000 $ 138,000 $ 102,000 $ 44,000 $ 208,000 $ 228,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,500 $ 71,000 Ending $ 10,400 $ 20,900 $ 26,000 Required: 1. Prepare a schedule...
required:1. Prepare a schedule of cost of goods manufactured.
Assume all raw materials used in production were direct
materials.
2. Prepare a schedule of cost of goods sold. Assume that the
company's underapplied or overapplied overhead is closed to Cost of
Goods Sold.
3. Prepare an income statement.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to...
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 659.000 $ 85,000 $ 133,000 $ 109,000 $ 45.000 $ 200,000 $ 228,000 ces Inventories Raw materials Work in process Finished goods Beginning $ 8,100 $ 5,100 $ 76.000 Ending $ 10, 100 $ 20,400 $25.300 Required: 1. Prepare a...
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