Question

The KIM Manufacturing Company makes custom golf clubs. The following information             pertains to a recent month's...

The KIM Manufacturing Company makes custom golf clubs. The following information

            pertains to a recent month's production activities:

Beginning Work in Process Inventory

$160,000

Ending Work in Process Inventory

120,000

Direct materials purchased

350,000

Direct materials placed in production

320,000

Direct labor costs incurred

140,000

Cost of goods manufactured

680,000

Cost of goods sold

750,000

What is the total amount of conversion costs incurred during the period?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Calculation:

Cost of goods manufactured $680,000
Add: Ending work in process inventory $120,000
Deduct: Beginning work in process inventory ($160,000)
Total manufacturing costs $640,000
Deduct: Direct materials placed in production ($320,000)
Deduct: Direct labor cost ($140,000)
Manufacturing Overhead $180,000
Conversion Costs:
Direct labor cost $140,000
Manufacturing overhead $180,000
Conversion costs $320,000

Therefore, Conversion costs = $320,000.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing...
Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing Company for the month ending July 31 Cost of direct materials used in production $148,600 Direct labor 178,300 Work in process inventory, July 1 66,900 Work in process inventory, July 31 90,600 Total factory overhead 81,700 Determine Ethtridge's cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended July 31 $...
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead....
The following information pertains to Flaxman Manufacturing Company for April. Assume actual overhead equaled applied overhead. April 1 Inventory balances Raw materials $ 124,400 Work in process 118,000 Finished goods 76,800 April 30 Inventory balances Raw materials $ 86,600 Work in process 146,800 Finished goods 80,600 During April Costs of raw materials purchased $ 118,200 Costs of direct labor 101,100 Costs of manufacturing overhead 61,300 Sales revenues 360,000     Required Prepare a schedule of cost of goods manufactured and sold....
A makes custom furniture and uses a job-order-cost system. The company always writes off under/over applied...
A makes custom furniture and uses a job-order-cost system. The company always writes off under/over applied overhead to cost of goods sold. The following data pertains to the first quarter of 2020: Beginning direct-materials inventory $26,000 Beginning WIP inventory 64,000   Beginning finished-goods inventory 58,000 Direct materials purchased $148,000 Direct materials requisitioned 82,000 Direct-labor cost incurred 120,000 Factory overhead incurred 146,000 Cost of goods completed (COG manufactured) 292,000 Cost of goods sold (before adjustment for under or over-applied overhead) 256,000 Manufacturing...
Young Fashions Company produces children's clothing. During the current year, the company incurred the following costs:...
Young Fashions Company produces children's clothing. During the current year, the company incurred the following costs: Factory Rent $ 144,000 Direct labor used 525,000 Factory utilities 120,000 Direct materials purchases 850,000 Indirect materials 106,000 Indirect labor 90,000 Inventories for the year were: January 1 December 31 Direct materials $ 220,000 $ 155,000 Work in process 160,000 128,000 Finished goods 320,000 310,000 Required: Prepare a statement of cost of goods manufactured.
Glenville Company has the following information for April: Cost of direct materials used in production $...
Glenville Company has the following information for April: Cost of direct materials used in production $ 44,000 Direct labor 53,000 Factory overhead 33,000 Work in process inventory, April 1 32,000 Work in process inventory, April 30 44,000 Finished goods inventory, April 1 25,000 Finished goods inventory, April 30 a)  For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. 18,000 Work in process inventory, April 1 _________________ Cost of direct materials...
The following cost data relate to the manufacturing activities of Chang Company during the just completed...
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:     Manufacturing overhead costs incurred: Indirect materials $ 16,800 Indirect labor 148,000 Property taxes, factory 9,800 Utilities, factory 88,000 Depreciation, factory 295,300 Insurance, factory 11,800 Total actual manufacturing overhead costs incurred $ 569,700 Other costs incurred: Purchases of raw materials (both direct and indirect) $ 418,000 Direct labor cost $ 78,000 Inventories: Raw materials, beginning $ 21,800 Raw materials, ending $ 31,800 Work...
Exercise 10-14 Cost of goods manufactured and sold LO 10-5 The following information pertains to Flaxman...
Exercise 10-14 Cost of goods manufactured and sold LO 10-5 The following information pertains to Flaxman Manufacturing Company for March 2018. Assume actual overhead equaled applied overhead. March 1 Inventory balances Raw materials $ 125,000 Work in process 118,900 Finished goods 77,200 March 31 Inventory balances Raw materials $ 86,700 Work in process 146,200 Finished goods 80,500 During March Costs of raw materials purchased $ 119,000 Costs of direct labor 101,900 Costs of manufacturing overhead 62,700 Sales revenues 359,000 Required...
Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April:...
Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April: Cost of direct materials used in production $ 56,000 Direct labor 65,000 Factory overhead 34,000 Work in process inventory, April 1 41,000 Work in process inventory, April 30 37,000 Finished goods inventory, April 1 24,000 Finished goods inventory, April 30 19,000 a. For April, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Glenville Company...
Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for...
Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for March: Cost of direct materials used in production $44,000 Direct labor 52,000 Factory overhead 26,000 Work in process inventory, March 1 30,000 Work in process inventory, March 31 38,000 Finished goods inventory, March 1 29,000 Finished goods inventory, March 31 21,000 a. For March, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Timbuk 3...
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended....
McAllister, Inc. employs a normal costing system. The following information pertains to the year just ended. Total manufacturing costs were $2,500,000. Cost of goods manufactured was $2,425,000. Applied manufacturing overhead was 30 percent of total manufacturing costs. Manufacturing overhead was applied to production at a rate of 80 percent of direct-labor cost. Work-in-process inventory on January 1 was 75 percent of work-in-process inventory on December 31. 1- Calculate the total cost of direct material used during the year. 2- Compute...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT