Stan is a T shirt manufacturing business with the following fact pattern: T shirts are processed...
Stan is a T shirt manufacturing business with the following fact pattern:
- T shirts are processed in batches of 100
- One T shirt requires one yard of fabric
- One yard of fabric costs $4
- Five direct labor hours are required to produce one batch of T shirts
- Direct labor costs $20/hour
- Direct labor is applied at the beginning of the process
- Factory overhead is applied at a rate of 130% of Direct Labor Dollars
- Factory overhead is applied at the end of the process
Stan begin the period with five batches in WIP Beginning Inventory. They transfer $4,800 from Raw Materials and complete 14 batches.
What is the dollar value of Cost of Goods Manufactured for the current period?
Group of answer choices
8,820
7,000
8,500
10,710
Homework Answers
Working Data:
| Batches | 14 Batches Complete |
| T Shirt Per Batch | 100 |
| T shirts in 14 Batches | 1400 |
| Cost of goods manufactured | ||
| Fabric Cost | 4*1400 | 5600 |
| Direct Labor Cost | 14*5*20 | 1400 |
| Factory OH Cost | Labor Cost*130% | 1820 |
| Cost of goods manufactured | 8820 |
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Stan is a T shirt manufacturing business with the following fact
pattern:
T shirts are processed...
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