Question

Swifty Manufacturing Inc.'s accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw...

Swifty Manufacturing Inc.'s accounting records reflect the following inventories:

Dec. 31, 2019 Dec. 31, 2020
Raw materials inventory $99900 $80300
Work in process inventory 129400 144300
Finished goods inventory 125000 114600


During 2020, Swifty purchased $949400 of raw materials, incurred direct labour costs of $125800, and incurred manufacturing overhead totalling $160300. How much is total manufacturing costs incurred during 2020 for Swifty?

$1241200

$1255100

$1235500

$1250400
Business   Accounting   
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Homework Answers

Answer #1

Answer is $1,255,100

Notes:

Total Manufacturing cost = Direct Materials cost+Direct Labour+Manufacturing overhead

   TOTAL MANUFACTURING COST

  FOR THE YEAR ENDED 31 DECEMBER 2020

Add: Direct Materials used in production $969,000
Direct Labour $125,800
Manufacturing overhead $160,300
  
Total Manufacturing Cost $1,255,100

Calculation of Direct Materials used:

= Beginning raw materials inventory + Purchase of raw materials - Closing raw materials inventory

=   $99,900+$949,400- $80,300 = $969,000

  

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