1. Match the correct answer to each question. Each option may be used more than once...
1.
Match the correct answer to each question. Each option may be used more than once or not at all.
| What do we call the total costs debited to Finished Goods? | A. Cost of Goods Manufactured | |
| What do we call the total cost credited to Work-in-Process | B. Cost of Finished Goods | |
| What do we call total cost debited to Cost of Goods Sold? | C. Cost of Goods Sold | |
| What do we call total cost credited to Finished Goods? |
2.
Joel Inc. has the following information for year 20X1:
Beginning inventory Ending inventory
Raw Material inventory $40,000 $30,000
Work-in-Process inventory $35,000 $18,000
Finished Goods inventory $30,000 $40,000
Additional information for the year is as follows:
Raw materials purchases: $200,000
Direct labor: $150,000
Actual Manufacturing overhead costs: $150,000
Applied Manufacturing overhead costs: $160,000
2a. Compute the cost of raw materials used in production
2b. Compute the total manufacturing costs
2c. Compute the UNADJUSTED cost of goods sold for Joel Inc.
2d. Compute the ADJUSTED cost of goods sold for Joel Inc.
Homework Answers
Question 1
Answer
| What do we call the total costs debited to Finished Goods? | A. Cost of Goods Manufactured |
| What do we call the total cost credited to Work-in-Process | A. Cost of Goods Manufactured |
| What do we call total cost debited to Cost of Goods Sold? | Cost of Finished goods |
| What do we call total cost credited to Finished Goods? | C. Cost of Goods Sold |
Question 2
Answer
2a. Compute the cost of raw materials used in production--------$210,000
2b. Compute the total manufacturing costs---------$520,000
2c. Compute the UNADJUSTED cost of goods sold for Joel Inc.--------$527,000
2d. Compute the ADJUSTED cost of goods sold for Joel Inc.--------$526,000
Working
| Schedule of Cost of Goods Manufactured | ||
| Direct Material | ||
| Raw material Inventory Beginning | $ 40,000.00 | |
| Raw material Purchased | $ 2,00,000.00 | |
| Raw material available for use | $ 2,40,000.00 | |
| Less: Raw material Inventory Ending | $ 30,000.00 | |
| Direct Material Used | $ 2,10,000.00 | |
| Direct labor | $ 1,50,000.00 | |
| Manufacturing overheads applied | $ 1,60,000.00 | |
| Total manufacturing Cost During the month | $ 5,20,000.00 | |
| Add: Work in progess Beginning | $ 35,000.00 | |
| Total Work in Process | $ 5,55,000.00 | |
| Less: Work in progress Ending | $ 18,000.00 | |
| Cost of Goods Manufactured | $ 5,37,000.00 | |
| Schedule of cost of goods sold | ||
| Beginning Finisged Goods Inventory | $ 30,000.00 | |
| Add: Cost of goods manufactured | $ 5,37,000.00 | |
| Goods Available for sale | $ 5,67,000.00 | |
| Less :Ending Finished goods Inventory | $ 40,000.00 | |
| Unadjusted Cost of Goods Sold | $ 5,27,000.00 | |
| Overapplied Manufacturing overheads | $ (1,000.00) | |
| Adjusted cost of goods sold | $ 5,26,000.00 | |
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