Question

The following events took place at a manufacturing company for the current year: (1) Purchased $95,400...

The following events took place at a manufacturing company for the current year:

  1. (1) Purchased $95,400 in direct materials.

  2. (2) Incurred labor costs as follows: (a) direct, $56,400 and (b) indirect, $14,000.

  3. (3) Other manufacturing overhead was $107,400, excluding indirect labor.

  4. (4) Transferred 80% of the materials to the manufacturing assembly line.

  5. (5) Completed 65% of the Work-in-Process during the year.

  6. (6) Sold 85% of the completed goods.

  7. (7) There were no beginning inventories.


What is the value of the ending Finished Goods Inventory?

Homework Answers

Answer #1
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

for any clarifications please comment.

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