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Category > Accounting Posted 18 Aug 2017 My Price 9.00

Phelan Corporation

31.     LO.7 (Cost of goods manufactured) The Work in Process Inventory account of Phelan Corporation increased $23,000 during November 2010. Costs incurred during November included $24,000 for direct material, $126,000 for direct labor, and $42,000 for overhead. What was the cost of goods manufactured during November?

32.     LO.7 (CGM; CGS) Wasik Company had the following inventory balances at the begin- ning and end of August 2010:

 

AICPA adapted

 

 

 

August 1

August 31

Raw Material Inventory

$ 58,000

$ 84,000

Work in Process Inventory

372,000

436,000

Finished Goods Inventory

224,000

196,000

 

All raw material is direct to the production process. The following information is also available about August manufacturing costs:

 

Cost of raw material used

$612,000

Direct labor cost

748,000

Manufacturing overhead

564,000

a.     Calculate the cost of goods manufactured for August.

b.    Determine the cost of goods sold for August.

 

 

 

 

 

Answers

Maurice Tutor
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Status NEW Posted 18 Aug 2017 11:08 PM My Price 9.00

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