Quiz: Chap 2 Assignment 2 Submit Quiz This Question: 5 pts 1 of 1 This Quiz: 5 p
ID: 2330720 • Letter: Q
Question
Quiz: Chap 2 Assignment 2 Submit Quiz This Question: 5 pts 1 of 1 This Quiz: 5 pts possible Question Help * Roberts Decorations' selected data for January 2017 are presented here (in milions) EB (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the cost of direct materials inventory 1/31/2017 Direct materials inventory 1/31/2017 Requirement 2. Calculate the fixed manufacturing overhead costs for January 2017, The fixed manufacturing overhead costs for January 2017 are$ Requirement 3. Calculate the direct manufacturing labor costs for January 2017. Less: Direct manufacturing labor costs for January Requirement 4. Calculate the cost of work-in-process inventory 1/31/2017. Work-in-process inventory 1/31/2017 Requirement 5. Calculate the cost of finished goods available for sale in January 2017. Finished goods available for sale in January Requirement 6. Calculate the cost of finished goods inventory 1/31/2017. Finished goods inventory 1/31/2017Explanation / Answer
1 Direct material inventory Material inventory 1/1/2017 70 Add Material purchased 330 Total material available for use 400 Less Direct material used 350 Material inventory 1/31/2017 50 2 Fixed manufacturing overheads 205 (480-275) 3 Total manufacturing cost incurred during january 2017 1620 Less Direct material used 350 Total manufacturing overheads cost 480 Direct manufacturing labor costs 790 4 Work in progress inventory 1/1/2017 205 Add Total manufacturing cost incurred during january 2017 1620 Total 1825 Less Cost of goods manufactured 1680 Work in progress inventory 1/31/2017 145 5 Finished goods inventory 1/1/2017 150 Add Cost of goods manufactured 1680 Cost of finished goods available for sale 1830 Less Cost of goods sold 1760 6 Finished goods inventory 1/31/2017 70
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