Natalia44
May 29, 2009, 07:09 AM
I am extremely disappointed the book does not do a sufficient job of providing formulas for calculations for Chapters 16-18, I am totally stuck as a few of my classmates so I am trying to find solutions to solving these problems and asking for some guidance.
Thank you if you can help...
Exercise 16.4: Flow of Costs through Manufacturing Accounts L.O. 4
The following information was taken from the accounting records of Reliable Tool Corporation:
Work in process inventory, beginning of the year $35,000
Cost of direct materials used 244,000
Direct labor cost applied to production 149,000
Cost of finished goods manufactured 691,600
Overhead is applied to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.
Ex. 16.4 Work in process inventory, beginning of the year $35,000
Manufacturing costs applied to production:
Direct materials used $ 244,00
Direct labor $149,000
Manufacturing overhead $300,000
Total manufacturing costs $693000
Total cost of all goods in process during the year $ 728000
Less: Cost of finished goods manufactured $ __________? Could not get this
Work in process inventory, end of the year $ ___________?could not get this
Need some help with the above last two entry... actually I need the formulas.
Exercise 16.5: Preparing a Schedule of the Cost of Finished Goods Manufactured L.O. 6
The accounting records of NuTronics, Inc. include the following information for the year ended December 31, 2007.
Dec. 31 Jan. 1
Inventory of materials $24,000 $20,000
Inventory of work in process 8,000 12,000
Inventory of finished goods 90,000 80,000
Direct materials used 227,000
Direct labor 135,000
Selling expenses 170,000
General and administrative expenses 140,000
Overhead is assigned to production at $192,000.
1. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above are used in this schedule.)
2. Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product?
Need some help with question b. No matter how may way I do this it's wrong
Ex. 16.5 a. NuTronics, Inc.
Schedule of the Cost of Finished Goods Manufactured
For the Year Ended December 31, 2007
Work in process, January 1, 2007 $12,000
Manufacturing costs assigned to production:
Direct materials used $ 227000
Direct labor $ 135000
Manufacturing overhead $192,000
Total manufacturing costs
Total cost of all goods in process during the year $ 566000
Less: Work in process inventory, December 31, 2007 $ 8,000
Cost of finished goods manufactured $ 558000
b. $_____ per unit ($ _____ ) cost of finished goods manufactured, divided by 20,000
Here I am using the total variable costs /cost of units + % is this not correct?
Thank you if you can help...
Exercise 16.4: Flow of Costs through Manufacturing Accounts L.O. 4
The following information was taken from the accounting records of Reliable Tool Corporation:
Work in process inventory, beginning of the year $35,000
Cost of direct materials used 244,000
Direct labor cost applied to production 149,000
Cost of finished goods manufactured 691,600
Overhead is applied to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.
Ex. 16.4 Work in process inventory, beginning of the year $35,000
Manufacturing costs applied to production:
Direct materials used $ 244,00
Direct labor $149,000
Manufacturing overhead $300,000
Total manufacturing costs $693000
Total cost of all goods in process during the year $ 728000
Less: Cost of finished goods manufactured $ __________? Could not get this
Work in process inventory, end of the year $ ___________?could not get this
Need some help with the above last two entry... actually I need the formulas.
Exercise 16.5: Preparing a Schedule of the Cost of Finished Goods Manufactured L.O. 6
The accounting records of NuTronics, Inc. include the following information for the year ended December 31, 2007.
Dec. 31 Jan. 1
Inventory of materials $24,000 $20,000
Inventory of work in process 8,000 12,000
Inventory of finished goods 90,000 80,000
Direct materials used 227,000
Direct labor 135,000
Selling expenses 170,000
General and administrative expenses 140,000
Overhead is assigned to production at $192,000.
1. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above are used in this schedule.)
2. Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product?
Need some help with question b. No matter how may way I do this it's wrong
Ex. 16.5 a. NuTronics, Inc.
Schedule of the Cost of Finished Goods Manufactured
For the Year Ended December 31, 2007
Work in process, January 1, 2007 $12,000
Manufacturing costs assigned to production:
Direct materials used $ 227000
Direct labor $ 135000
Manufacturing overhead $192,000
Total manufacturing costs
Total cost of all goods in process during the year $ 566000
Less: Work in process inventory, December 31, 2007 $ 8,000
Cost of finished goods manufactured $ 558000
b. $_____ per unit ($ _____ ) cost of finished goods manufactured, divided by 20,000
Here I am using the total variable costs /cost of units + % is this not correct?