Solution-Compute cost of goods sold and cost of direct

Compute cost of goods sold and cost of direct labor used

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Reference no: EM132665656

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%

Problem 1. Compute cost of direct labor used.

Problem 2 Compute cost of direct materials used.

Problem 3. Compute cost of goods manufactured.

Problem 4. Compute cost of goods sold. (Do not consider underapplied or overapplied overhead)

Reference no: EM132665656

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Compute cost of goods sold and cost of direct labor used

Reference no: EM132665656

Reference no: EM132665656

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