[The following information applies to the questions displayed below.] Meyers Cor
ID: 2425284 • Letter: #
Question
[The following information applies to the questions displayed below.]
Meyers Corporation had the following inventory balances at the beginning and end of November:
During November, $51,000 in raw materials (all direct materials) were drawn from inventory and used in production. The company's predetermined overhead rate was $8 per direct labor-hour, and it paid its direct labor workers $10 per hour. A total of 300 hours of direct labor time had been expended on the jobs in the beginning Work in Process inventory account. The ending Work in Process inventory account contained $6,000 of direct materials cost. The Corporation incurred $36,000 of actual manufacturing overhead cost during the month and applied $33,000 in manufacturing overhead cost.
November 1 November 30 Raw Materials $ 24,000 $ 20,000 Finished Goods $ 66,000 $ 45,000 Work in Process $ 11,000 $ 15,000Explanation / Answer
Work in progress, beginning 372,000
Raw materials USED 612,000
Labor cost 748,000
Overhead 564,000
TOTAL WIP 2,296,000
Less Ending WIP 436,000
COST OF GOODS MFG 1,860,000
Finished Goods, beginning 224,000
Plus COG Manufact 1,860,000
TOTAL 2,084,000
Less ending Finished goods 196,000
COGS 1,888,000
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