Reference no: EM132711060
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).