Reference no: EM132714996
Question: As consultants, we are hired to help the company track and report costs. The following Tableau Dashboard is provided to assist us in our analysis.
Inventories
Raw Materials, November 30: $10,000
Raw Materials, December 31: $12,000
Work in process, November 30: $15,000
Work in process, December 31: $20,000
Finished goods, November 30: $7,500
Finished goods, December 31: $10,000
Factory Overhead
Total Overhead: $42,000
Indirect materials: $5000
Indirect labor: $7000
Other overhead costs: $30,000
Sales, Materials, And Payroll For December
Factory Payroll (paid with cash): $57,000
Raw materials purchases (paid with cash): $40,000
Sales (received in cash): $200,000
Predetermined Overhead Rate
Predetermined overhead rate based on direct labor cost: 70%
1. Compute cost of direct labor used.
2 Compute cost of direct materials used.
3. Compute cost of goods manufactured.
4. Compute cost of goods sold. (Do not consider underapplied or overapplied overhead)