Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system...
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Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $684,600, and management budgeted $326,000 of direct labor costs. During the year (20x1), the company incurred the following actual costs. Direct materials used..... Direct labor …..... Factory overhead $388,000 $307,000 $652,000 The January 1 balances of inventory accounts are shown below. Materials (all direct): $62,300 Work-in-process: $43,100 Finished goods $25,800 In 20x1, the December 31 balances of Work-in-Process and Finished goods are $38,790 and $23,220, respectively. The cost of goods manufactured during the year (20x1) is: a. $1,339,700. O b. $1,382,800. O c. $1,344,010. O d. $1,353,890. The cost of goods sold during the year (20x1) is: a. $1,346,590. O b. $1,353,890. O c. $1,382,800. d. $1,344,010. If the variations of manufacturing overhead costs are NOT significance, what is the amount of COGS (i.e., cost of goods sold) after reconciliation? O a. $1,339,290. O b. $1,344,010. O c. $1,353,890. O d. $1,382,890. Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $684,600, and management budgeted $326,000 of direct labor costs. During the year (20x1), the company incurred the following actual costs. Direct materials used..... Direct labor …..... Factory overhead $388,000 $307,000 $652,000 The January 1 balances of inventory accounts are shown below. Materials (all direct): $62,300 Work-in-process: $43,100 Finished goods $25,800 In 20x1, the December 31 balances of Work-in-Process and Finished goods are $38,790 and $23,220, respectively. The cost of goods manufactured during the year (20x1) is: a. $1,339,700. O b. $1,382,800. O c. $1,344,010. O d. $1,353,890. The cost of goods sold during the year (20x1) is: a. $1,346,590. O b. $1,353,890. O c. $1,382,800. d. $1,344,010. If the variations of manufacturing overhead costs are NOT significance, what is the amount of COGS (i.e., cost of goods sold) after reconciliation? O a. $1,339,290. O b. $1,344,010. O c. $1,353,890. O d. $1,382,890.
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Overhead rate 684600326000 210 of labor cost a Total manufacturing cost ... View the full answer
Related Book For
Cornerstones of Cost Management
ISBN: 978-1285751788
3rd edition
Authors: Don R. Hansen, Maryanne M. Mowen
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