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.
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 |
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During January of 2022:
Required:
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
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