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ACC - Cost Accounting Problem




Question;Materials:Beginning inventory $30,000Purchases $400,000Ending Inventory $50,000Work-In-Process:Beginning Inventory $20,000Direct labor $360,000Ending Inventory $300,000Finished Goods:Beginning Inventory $10,000Ending Inventory $50,000MOH actual: $540,000Additional Information:a) Direct Labor wage rate was $15 per hourb) MOH was allocated at $20 per direct labor hourc) Sales revenue was $1,090,000d) Marketing and Distribution costs were $140,000Required:1- Calculate the over or under applied manufacturing overhead.2- Determine the cost of goods manufactured.3- Determine the cost of goods sold4- Prepare income statement usingthe direct write-off method and the Proration method


Paper#43879 | Written in 18-Jul-2015

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