Hammer Inc., had the following activities during 20X3: Direct materials: B
Hammer Inc., had the following activities during 20X3:
Direct
materials:
Beginning
inventory $
20,000
Purchases 61,600
Ending
inventory 10,400
Direct manufacturing labor incurred 16,000
Manufacturing overhead-allocated 12,000
Beginning
work-in-process
inventory 800
Ending
work-in-process inventory 4,000
Beginning
finished goods inventory 24,000
Ending
finished goods
inventory 16,000
Required: Please show your calculations!
a. What is the cost of direct materials used during 20X3?
b. What is cost of goods manufactured for 20X3?
c. What is cost of goods sold for 20X3?
d. What amount of conversion costs was added to production during 20X3?
Homework Answers
Answer-a)- The cost of direct materials used during 20X3 is = $71200.
Explanation- Cost of direct materials used = Beginning inventory direct materials+ Purchases –Ending inventory direct materials
= $20000+$61600-$10400
= $71200
b)- The cost of goods manufactured for 20X3 is= $96000.
Explanation- Cost of goods manufactured = Beginning work-in-process inventory +Cost of direct materials used+ Direct manufacturing labor+ Manufacturing overhead- Ending work-in-process inventory
= $800+$71200+16000+$12000-$4000
= $96000
c)- Cost of goods sold for 20X3 is = $104000.
Explanation- Cost of goods sold = Beginning finished goods inventory+ Cost of goods manufactured- Ending finished goods inventory
= $24000+$96000-$16000
= $104000
d)- The amount of conversion costs was added to production during 20X3 =$87200.
Explanation- Conversion costs = Cost of direct materials used+ Direct manufacturing labor
= $71200+$16000
= $87200
Add Answer to:
Hammer Inc., had the following activities during 20X3:
Direct
materials:
B
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