Question: please answer question 1-4 will rate thank you Ksaki , Inc. makes and sells Fake s . Manufacturing Overhead is applied based on D irect

please answer question 1-4 will rate thank you

Ksaki, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL) Hours incurred.

Expected DL Hours for January 2022 1,900 DL Hours
Expected Overhead for January 2022 - $146,300

Beginning and ending inventory balances for January:

Materials Inventory

WIP

Finished FakesInventory

1/1/22

$15,000

$52,000

$25,000

1/31/22

13,000

55,000

19,000

During January of 2022:

Psaki, Inc. purchased $53,000 of Materials
Incurred $48,025 of Direct Labor (1,921 DL Hours @ $25per DL Hour)
Incurred Manufacturing Overhead totaling $148,350

Required:

1. What is Cost of Goods Manufactured for January 2022?
2. What is Cost of Goods Sold for January 2022 before closing any over/under applied overhead to COGS?
3. What is COGS if any over/under applied overhead is closed to COGS?
4. What is Psaki, Inc.s January gross profit if they sold the finished Fakes for $300,000?

 please answer question 1-4 will rate thank you Ksaki, Inc. makes

Psaki, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL) Hours incurred. Expected DL Hours for January 2022-1,900 DL Hours Expected Overhead for January 2022 - $146,300 Beginning and ending inventory balances for January 1/1/22 1/31/22 Materials Inventory $15,000 13,000 WIP Finished Fakes Inventory $52,000 $25,000 55,000 19,000 During January of 2022: Psaki, Inc. purchased $53,000 of Materials Incurred $48,025 of Direct Labor (1,921 DL Hours @ $25 per DL Hour) Incurred Manufacturing Overhead totaling $148,350 Required: What is Cost of Goods Manufactured for January 2022? What is Cost of Goods Sold for January 2022 before closing any over/under applied overhead to COGS? What is coGs if any over/under applied overhead is closed to COGS? What is Psaki, Inc.'s January gross profit if they sold the finished Fakes for $300,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!