Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 8.00

Fenwick Corporation

Fenwick Corporation's manufacturing and finished goods warehouse facilities burned to the ground on January 31. The loss was fully covered by insurance. The insurance company wanted to know the cost of the inventories destroyed in the fire. The company's accountants gathered the following information:

 

       
Direct materials purchased in January $ 160,000  
Work in Process Inventory, January 1   34,000  
Materials Inventory, January 1   16,000  
Finished Goods Inventory, January 1   30,000  
Direct labor costs incurred in January   190,000  
Prime costs charged to jobs in January   294,000  
Cost of finished goods available for sale in January   450,000  
Sales revenue earned in January   500,000  
Gross profit as a percentage of January sales   25 %
Manufacturing overhead applied to jobs in January as a percentage of total conversion costs   60 %

Assume that actual manufacturing overhead was exactly equal to the amount applied to production at the time of the fire.

 

a.

Compute the cost of materials inventory (assume materials inventory is comprised entirely of direct materials) lost in the fire. (Omit the "$" sign in your response.)
Materials inventory $
b. Compute the cost of work in process inventory lost in the fire. (Omit the "$" sign in your response.)
Work in process inventory $
c. Compute the cost of finished goods inventory lost in the fire. (Omit the "$" sign in your response.)
Finished goods inventory $

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 12:08 PM My Price 8.00

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