Question

Toyoda Ltd is specialised in manufacturing cars. The following information is available for the financial year...

Toyoda Ltd is specialised in manufacturing cars. The following information is available for the financial year ended 30 June 2020.

Direct labour cost

$365,800

Raw material inventory as at 1 July 2019

$89,000

Raw material inventory as at 30 June 2020

$135,000

Cost of finished goods

$2,195,800

Work in progress inventory as at 1 July 2019

$369,000

Raw material purchased

$1,200,000

Factory overhead is calculated as 175% of direct labour cost

--

Required

Calculate the ending work in process inventory on 30 June 2020.

Cost of Goods Manufactured Statement

for the year ended 30 June 2020
Business   Accounting   
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Answer #1

Answer:

Ending work in process inventory as on June 30,2020 = $333150.

Explanation:

Cost of goods manufactured

Beginning Raw material

$89000

Add: Purchase

$1200000

Less: Ending Raw material

$135000

Raw material consumed

$1154000

Direct labor

$365800

Factor Overhead (175% x $365800)

$640150

Add: Beginning work in Process Inventory

$369000

Total (A)

$2528950

Less: Ending Work in process inventory (A) – (B)

$333150

Cost of Production (B)

$2195800
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