Homework Answers
ANSWER : OPTION 4 - $462,250
Explanation :
To calculate cost of jobs transferred to Finished Goods inventory:
| PARTICULARS | AMOUNT |
| A. Direct Material ( $220,000 - $37,500) | $182,500 |
| B. Direct Labor ( $165,000 - $47,500) | $117,500 |
| C. Overhead cost (WORKING NOTE) | $176,250 |
| PRODUCTION COST (A+B+C) | $476,250 |
| Add : Opening Work in progress | $18,000 |
| Less : Closing Work in progress | $ (32,000) |
| COST OF FINISHED GOODS TRANSFERRED | $462,250 |
WORKING NOTES
Total Overhead costs incurred ; GIVEN costs= $37,500 + $47,500 = $85,000
Direct labor cost = $165,000 (Factory payroll) - $47,500 = $117,500
Overhead absorption rate is given as 150% .
Thus, Absorbed Overhead = $117,500 * 150% = $176,250
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Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $206,400 of raw materials on credit: Issued materials to production of $20,000 of which $32,100 were Indirect. Minstrel incurred a factory payroll of $154,200, of which $42,100 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $16,200 and $28,400 respectively, Compute the cost of jobs transferred to Finished Goods Inventory. Multiple...
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Part 1 Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $216,000 of raw materials on credit; issued materials to production of $210,000 of which $34,500 were indirect. Minstrel incurred a factory payroll of $159,000, paid in cash, of which $44,500 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $17,000 and $30,000 respectively. Compute the cost of product transferred...
Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $206,000 of raw...
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Minstrel Manufacturing uses a job order costing system. During one month, Minstrel purchased $198,000 of raw...
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