Question 01: Hosiery corporation purchased raw material at the start of January amounted 54,000 dollars .some...

 

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Question 01: Hosiery corporation purchased raw material at the start of January amounted 54,000 dollars .some additional purchases was made amounted $3,50,000. The work in process cost at the start of month is $41,000 while the ending cost of work in process is $34,000 dollars. Skilled labor involved in the manufacturing of product is amounted $228,000 dollars. FOH is applied to the production at the rate of 75 percent of direct labor cost. Finished Goods inventory found at January 1 is amounted $45,000.while at the end of month the raw material amounted $38000 dollars and Finished goods are amounted $35000 dollars. Total units manufactured are 20,000 units. Required: You are required to calculate the: i. Cost of Goods available for the sale ii. iii. iv. v. Cost of Goods Sold Prime Cost Per unit cost of material Per Unit cost of labour Question 01: Hosiery corporation purchased raw material at the start of January amounted 54,000 dollars .some additional purchases was made amounted $3,50,000. The work in process cost at the start of month is $41,000 while the ending cost of work in process is $34,000 dollars. Skilled labor involved in the manufacturing of product is amounted $228,000 dollars. FOH is applied to the production at the rate of 75 percent of direct labor cost. Finished Goods inventory found at January 1 is amounted $45,000.while at the end of month the raw material amounted $38000 dollars and Finished goods are amounted $35000 dollars. Total units manufactured are 20,000 units. Required: You are required to calculate the: i. Cost of Goods available for the sale ii. iii. iv. v. Cost of Goods Sold Prime Cost Per unit cost of material Per Unit cost of labour

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To calculate the required values well use the following formulas i Cost of Goods Available for Sale ... View the full answer