Question

Horla Co’s manufacturing operations recorded the following information for the month of March 20x9: Inventories Mar....

Horla Co’s manufacturing operations recorded the following information for the month of March 20x9:

Inventories

Mar. 1, 20x9

Mar. 31, 20x9

Direct materials

$ 34336

$ 29659

Work in process

23583

11852

Finished goods

53364

71670

Additional information for the month of March:

Direct materials purchased

$84865

Direct labour costs incurred

54286

Direct labour rate per hour

11

Factory overhead rate per direct labour hour

10

What were the cost of goods sold for the month of March?
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Answer #1
Direct materials:
Beginning raw materials inventory 34336
Add: Purchases of raw materials 84865
Total raw materials available 119201
Less: Ending raw materials inventory 29659
Raw materials used in production 89542
Direct labor 54286
Manufacturing overhead applied to work in process 49351 =(54286/11)*10
Total manufacturing costs 193179
Add: Beginning work in process inventory 23583
216762
Less: Ending work in process inventory 11852
Cost of goods manufactured 204910
Beginning Finished goods inventory 53364
Add: Cost of goods manufactured 204910
Cost of goods available for sale 258274
Less: Ending Finished goods inventory 71670
Cost of goods sold 186604
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