Use the following information to prepare the schedule of cost of goods manufactured for Graffstone Company for the month ended June 30.Work in Process inventory, May 31 $12,600Work in Process inventory, June 3016,500Direct materials used during June21,000Direct labor used during June31,000Factory overhead:? Indirect material6,400 Indirect labor9,200 Factory rent12,000 Factory depreciation15,000 Factory utilities18,400
What will be an ideal response?
| Graffstone Company Schedule of Cost of Goods Manufactured For Month Ended June 30 | ||
| Direct materials | ? | $ 21,000 |
| Direct labor | ? | 31,000 |
| Factory overhead: | ? | ? |
| Indirect material | $ 6,400 | ? |
| Indirect labor | 9,200 | ? |
| Factory rent | 12,000 | ? |
| Factory depreciation | 15,000 | ? |
| Factory utilities | 18,400 | ? |
| Total factory overhead costs | ? | 61,000 |
| Total manufacturing costs | ? | $113,000 |
| Add work in process inventory, May 31 | ? | 12,600 |
| Total work in process | ? | $125,600 |
| Deduct work in process inventory, June 30 | ? | 16,500 |
| Cost of goods manufactured | ? | $109,100 |
You might also like to view...
Which of the following statements regarding the modular approach is false?
a. It is also referred to as the phased approach. b. It can be combined with the parallel or the direct approach. c. It is always a faster approach than parallel. d. It can combine the safety and control of a parallel implementation with cost/time savings of the direct approach.
Which one of the following is correct?
a. Inventory losses can be identified and controlled better under the perpetual system. b. Inventory can only be sold at the end of an accounting period under the periodic system. c. There is no difference in cost to implement a perpetual as compared to a periodic system. d. The perpetual system eliminates the need for an annual inventory count.
Trading securities are valued on the balance sheet at
a. lower of cost or market. b. cost. c. market value. d. cost, adjusted for the effects of interest.
Egg distributors determine the relative quality of the product and put a rating on the packaging, such as Grade A or Grade AA. This rating system is most closely related to which facilitating function activity performed by marketing intermediaries?
A. risk taking B. grading C. sorting D. assorting E. marketing