Reference no: EM132435562
Question -
1. Frederick Company's January 1, 2018 finished goods inventory was $40,000. The January 1, 2019 finished goods inventory is $42,000. Cost of goods manufactured for the FY 2018 was $390,000. Use this information to determine the dollar amount of the FY 2018 cost of goods sold
2. Annapolis Company manufactures quality boating apparel. The following selected financial information for the fiscal year 2018 is provided:
Item Amount
Sales $850,000
Beginning Raw Material Inventory 74,000
Direct Material Purchased 308,000
Factory Overhead 90,000
Finished Goods Inventory - January 1 144,000
Work in Process - January 1 74,000
Work in Process - December 31 98,000
Ending Raw Material Inventory 58,000
Finished Goods Inventory - December 31 168,000
Net Income 65,000
Direct Labor 155,000
Cost of Goods Sold 655,000
Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2018.
3. During March 2019, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead. Alpha's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $278,000 would be incurred, and 6,800 direct labor hours would be worked. During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate.