PLEASE HELP WILL UPVOTE The company used a job order cost system to accumulate product costs....
PLEASE HELP WILL UPVOTE
The company used a job order cost system to accumulate product costs. Use the T-Charts below to help answer the questions below.
|
RAW MATERIALS INVENTORY |
|
|
65,450 |
|
|
451,500 |
440,900 |
|
BAL: 76,050 |
|
WORK IN PROCESS INVENTORY |
|
|
34,960 |
|
|
440,900 |
411,600 |
|
172,020 |
|
|
217,140 |
|
|
BAL: 453,420 |
|
FINISHED GOODS INVENTORY |
|
|
311,500 |
|
|
411,600 |
425,740 |
|
BAL: 297,360 |
- Raw Materials purchased during 2018?
- Direct Materials Entered into production during March?
- Cost of Goods Manufactured during March?
- Cost of Goods Sold during March? * (REQUIRES EXPLANATION)
- Conversion Costs Added into the factory during March? * (REQUIRES EXPLANATION)
- Production Costs reported on Balance sheet ay March 31, 2018? *(REQUIRES EXPLANATION)
Homework Answers
a) Raw material purchase = $451500
b) Direct material entered into production = 440900
c) Cost of goods manufactured = 411600
d) Cost of goods sold = Beginning finished goods+Cost of goods manufactured-Ending finished goods
= 311500+411600-297360
Cost of goods sold = 425740
e) Conversion Cost = Direct labor+Manufacturing overhead = 172020+217140 = $389160
f) Production costs reported on balance sheet
| Raw material | 76050 |
| Work in process | 453420 |
| Finished goods | 297360 |
| Total | 826830 |
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PLEASE HELP WILL UPVOTE
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percent of which was traced to specific jobs and the remainder of
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