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    kcf's Avatar
    kcf Posts: 9, Reputation: 1
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    #1

    Jan 23, 2010, 12:46 PM
    Figure cost of good manufactured
    I can not come up with a correct answer.. please help
    Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for 2010 was $608,120, and management budgeted $251,810 of direct labor costs. During the year, the company incurred the following actual costs.

    Direct materials used $323,020
    Direct labor $280,150
    Factory overhead $675,860


    The January 1, 2010 balances of inventory accounts are shown below.
    Materials - all direct $67,570
    Work-in-process $39,910
    Finished goods $23,700


    The December 31, 2010 balances of these inventory accounts were nine percent lower.

    Calculate Cost of Goods Manufactured
    A) $1,248,947
    B) $1,283,327
    C) $1,252,847
    D) $1,304,947
    E) $1,305,789
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #2

    Jan 24, 2010, 01:24 AM

    Please show the work you've done so we can establish where you've gone wrong. We aren't going to just do it for you, and this is too much too to "give a hint."
    kcf's Avatar
    kcf Posts: 9, Reputation: 1
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    #3

    Jan 24, 2010, 05:38 PM

    This is my first acct class I do not even have a hint! I do not know where to begin.. need major help, any good internet sites?
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #4

    Jan 26, 2010, 04:05 AM

    You said you couldn't up with a "correct" answer - I assumed that meant you came up with an incorrect one. I'm willing to correct your work if you will show it.

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