41) Finished goods are listed on the statement of cost of goods manufactured.

42) All expenses are listed on the income statement of a manufacturer.

43) Classify each of the following as raw materials, direct labor, or overhead:

 

Item

Raw Material

Direct Labor

Overhead

Steel in making of cars

 

 

 

Salary of a supervisor

 

 

 

Wages of an employee producing desks

 

 

 

Lease payment for the building

 

 

 

Utilities for the building

 

 

 

Lug nuts for the wheels of the car

 

 

 

 

 

 

44) From the following information, calculate (a) cost of raw materials used and (b) total manufacturing costs.

 

Raw Materials Inventory, June 1$15,000

Raw Materials Inventory, June 3020,000

Overhead35,000

Finished Goods Inventory17,000

Direct Labor29,000

Raw Materials Purchased76,000

 

a. ________

b. ________

45) Calculate the (a) cost of raw materials used and (b) total manufacturing costs from the following information.

 

Beginning Raw Materials Inventory:$65,000

Ending Raw Materials Inventory:59,000

Overhead:38,000

Beginning Finished Goods Inventory:28,000

Ending Finished Goods Inventory:23,000

Direct Labor:40,000

Raw Materials Purchased:83,000

Beginning Work-in-Process Inventory:16,000

Ending Work-in-Process Inventory:19,000

 

a. ________

b. ________

 

46) Calculate the (a) cost of goods manufactured from the following information.

 

Beginning Raw Materials Inventory:$63,000

Ending Raw Materials Inventory:58,000

Overhead:36,000

Beginning Finished Goods Inventory:27,000

Ending Finished Goods Inventory:32,000

Direct Labor:42,000

Raw Materials Purchased:73,000

Beginning Work-in-Process Inventory:12,000

Ending Work-in-Process Inventory:15,000

 

 



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *