Hello, I am working on questions from homework below, but I am unsure of how to

Question

Hello, I am working on questions from homework below, but I am unsure of how to solve them. I would be grateful for help in solving them. In addition, the option $50,000 is part of question 1 and the option $1,600,000 is part of question 7, the margins just got a little bit out of place when I was typing.

1. Sheridan Company has $27000 of ending finished goods inventory as of December 31, 2013. If beginning finished goods inventory was $21000 and cost of goods sold was $56000, how much would Sheridan report for cost of goods manufactured?

2

6. A company expected its annual overhead costs to be $1500000 and direct labor costs to be $600000. Actual overhead was $1200000, and actual labor costs totaled $800000. How much is the company’s predetermined overhead rate to the nearest cent?

8.

Explanation / Answer

As per chegg guidelines we answer one question per post. But I have answered multiple questions. Kindly post remaining questions in next post Dear Student Thank you for using Chegg Please find below the answer Statementshowing Computations Paticulars Amount Q1 Ending finished goods inventory          27,000.00 Cost of goods sold          56,000.00 Goods available for sale          83,000.00 Beginning finished goods inventory        (21,000.00) cost of goods manufactured          62,000.00 Q2 $700000 $720000 Direct materials used        250,000.00 Add Direct Labor          200,000.00 Add Manufacturing overhead        250,000.00 Total manufacturing costs        700,000.00 Plus: Beginning work-in-process inventory          40,000.00 Total work in process          740,000.00 Less: Ending work-in-process inventory        (20,000.00) Cost of Goods Manufactured        720,000.00

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.