Good Slings Inc. manufactures several wood and string instruments. In particular, it is well-known for its production
Question:
Good Slings Inc. manufactures several wood and string instruments. In particular, it is well-known for its production of classic violins. Assume that Good Slings uses a periodic inventory system and a physical count of inventory takes place at year end. The company accumulated the following costs and account balances for the year ended December 31, 2019 with respect to direct materials:
Balance of materials on January 1, 2019 | $152,000 |
Balance of materials on December 31, 2019 | $142,000 |
Materials purchases during 2019 | $721,000 |
In addition, the following table shows Good Slings' remaining costs for the year:
Indirect materials | $56,000 |
Direct labor | $295,000 |
Indirect labor | $162,000 |
Utilities, factory | $67,000 |
Utilities, office | $18,000 |
Insurance, factory | $12,000 |
Advertising | $22,000 |
Do not enter dollar signs or commas in the input boxes. a) Calculate the cost of direct materials used in production for the year. Materials used in production: $_________
b) What is the total manufacturing overhead cost for the year? Manufacturing Overhead: $_______
c) Calculate total manufacturing costs. Total Manufacturing Costs: $_______
d) If there is no beginning work in process inventory and ending work in process inventory is $55,000, what is the cost of goods manufactured? Cost of Goods Manufactured: $__________
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso