Reference no: EM133035808
Question - Annapolis Clothing Company manufactures quality boating attire. The following selected financial information for the fiscal year 2020 is provided:
Item Amount
Sales $200,000
Cost of Goods Manufactured 41,000
Direct Material Purchased 80,000
Factory Overhead 20,000
Work in Process - January 1 60,000
Work in Process - December 31 30,000
Direct Material - December 31 20,000
Finished Goods Inventory - December 31 43,000
Net Income 30,000
Direct Materials used 60,000
Cost of Goods Sold 59,000
Use this information to determine the dollar amount of Annapolis Clothing's Finished Goods Inventory for January 1, 2020. Round to a whole number (no cents).
During March 2021, Virginia Bay Corporation recorded $275,000 of costs related to factory overhead. Virginia Bay's overhead application rate is based on direct labor hours. The preset formula for overhead application estimated that $254,000 would be incurred, and 7,300 direct labor hours would be worked. During March, 11,000 hours were actually worked. Use this information to determine the standard overhead rate. Round to closest cent.
Baltimore Manufacturing had a Work in Process balance of $99,000 on January 1, 2020. The year end balance of Work in Process was $87,000 and the Cost of Goods Manufactured was $700,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2020. Round to a whole number (no cents).
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