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The following information is available for completed Job No. 404: Direct materials, $60,000; direct labor, $80,000;...

The following information is available for completed Job No. 404: Direct materials, $60,000; direct labor, $80,000; indirect labor, $10,000; manufacturing overhead, $120,000; units produced, 6,000; units sold, 5,000. Based on this information, the cost of finished goods on hand for this job is closest to

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Answer #1
Amount in $
Direct materials            60,000
direct labour            80,000
manufacturing overhead applied        1,20,000
Total Cost        2,60,000
units produced 6000 units
units sold 5000 units
Balance in stock 1000 units
Total cost per Unit                    43
(260000/6000)
There for cost of finished goods on hand            43,333
(43.33*1000 units)
Note- indirect labour, $10,000 is not a part of Cost of Finished stock
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