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Case Study

362 words - 2 pages

Case Study I Solution
The following cost items are needed before a schedule of cost of goods manufactured can be prepared:
Materials used in production:
Prime Costs
Less Direct Labor Cost
Direct Materials Cost

$
$

545,000
220,000
325,000

Manufacturing Overhead Cost:
Direct Labor Cost/ Percentage of Conversion Cost:
$220,000/35%
$
628,571 rounded to nearest dollar

( this is total conversion cost)

100%-65% = 35%
Conversion Cost
Less Direct Labor Cost
Manufacturing Overhead

$
$

628,571
220,000
408,571

Cost of Goods Manufactured:
Cost of ...view middle of the document...

Direct Materials:
Raw Materials Inventory, beginning
Add: Purchases of Raw Materials
Raw Materials Available for use
Deduct: Raw Materials inventory, ending
Raw Materials Used in Production ( See above)
Direct Labor Cost
Manufacturing Overhead Cost (See Above)
Total Manufacturing Costs
Add: Work in Process inventory, beginning
Deduct: Work in Process inventory, ending
Cost of Goods Manufactured

$

Therefore, A is Raw Materials Available for Use
Less: Raw Materials Used in Production
Raw Materials Inventory, Ending
Therefore B is

$

Work in Process Ending

$

$

1,009,571
985,000
24,571

$
$

41,000
325,000
366,000
A
325,000
220,000
408,571
953,571
56,000
1,009,571
B
985,000
366,000
325,000
41,000

Sales
Cost of Goods Sold:
Finished Goods Inventory, Beginning
Cost of Goods Manufactured
Cost of Goods Available for Sale
Deduct: Finished Goods Inventory, Ending
Gross Margin
Therefore C is as follows:
Cost of Goods Available for Sale
Cost of Goods Sold
Finished Goods Inventory, Ending

1350000
35000
985000
1020000
C

945000
405000

$
$

1,020,000
945,000
75,000

Some students may wish to start at the bottom of the income statement ( with gross margin) and work upwards
from that point. Also, the solution can be obtained by the use of T-accounts.

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