Held Inc. provided the following data for June. There was no initial inventory; as a result, all
Fantastic news! We've Found the answer you've been seeking!
Question:
Held Inc. provided the following data for June. There was no initial inventory; as a result, all of the direct materials, direct labor and manufacturing overheads listed below are for the current month.
Work In Progress | Finished goods | cost of goods sold | Total | |||||||||
Direct materials | $ | 5.890 | $ | 14.070 | $ | 95.760 | $ | 115.720 | ||||
direct labor | 9.680 | 20.100 | 136.800 | 166.580 | ||||||||
Production overhead applied | 5.880 | 10.080 | 68.040 | 84.000 | ||||||||
Total | $ | 21.450 | $ | 44.250 | $ | 300.600 | $ | 366.300 | ||||
Over $1,000 in manufacturing overhead for the month was applied.
The company distributes the under-applied or over-applied general production expenses in these accounts on the basis of the general expenses applied during the month among the ongoing works, finished goods and the cost of goods sold at the end of the month.
After allocating under- or over-applied manufacturing overheads for the month, what is the cost of goods sold for the month of June?
Related Book For
Managerial Accounting
ISBN: 9780073526706
12th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date: