The following events took place at a manufacturing company for
the current year:
(1) Purchased $95,400 in direct materials.
(2) Incurred labor costs as follows: (a) direct, $56,400 and (b) indirect, $14,000.
(3) Other manufacturing overhead was $107,400, excluding indirect labor.
(4) Transferred 80% of the materials to the manufacturing assembly line.
(5) Completed 65% of the Work-in-Process during the year.
(6) Sold 85% of the completed goods.
(7) There were no beginning inventories.
What is the value of the ending Finished Goods Inventory?
Amount($) | ||
Purchases | ||
Material | 95,400 | |
Work In Progress | ||
Material(80%) | 76,320 | |
Direct Labor | 56,400 | |
Indirect labor | 14,000 | |
Other Manufacturing Overhead | 107,400 | 254,120 |
Compleleted Work in progress | 165,178 | |
(254120*65/100) | ||
Less: Sales(85%) | 140,401.30 | |
(165178*85/100) | ||
Ending Finshed Goods Invetory | 24,776.70 |
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