13. If the cost of the beginning work in process inventory is $57,000, direct ma

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Question

13. If the cost of the beginning work in process inventory is $57,000, direct materials cost is $347,000, direct labor cost is $213,000, and overhead cost is $316,000, and the ending work in process inventory is $52,000, calculate the cost of goods manufactured:

13B. On January 4, Year 1, Barber Company purchased 6,400 shares of Convell Company for $73,500 plus a broker's fee of $1,280. Convell Company has a total of 32,000 shares of common stock outstanding and it is presumed the Barber Company will have a significant influence over Convell. During each of the next two years, Convell declared and paid cash dividends of $0.85 per share, and its net income was $86,000 and $81,000 for Year 1 and Year 2, respectively. What is the book value of Barber's investment in Convell at the end of Year 2?

13C. Memphis Company anticipates total sales for April, May, and June of $1,000,000, $1,100,000, and $1,150,000 respectively. Cash sales are normally 25% of total sales. Of the credit sales, 40% are collected in the same month as the sale, 55% are collected during the first month after the sale, and the remaining 5% are not collected. Compute the amount of cash received from total sales during the month of June.

13D. Jefferson Co. uses the following standard to produce a single unit of its product: variable overhead $5.00 (2 hrs. per unit @ $2.50/hr.). Actual data for the month show variable overhead costs of $123,000, and 23,500 units produced. The total variable overhead variance is:

Explanation / Answer

Solution:

Part 13 – Calculation of Cost of Goods Sold

Beginning Work In Process

$57,000

Plus: Direct Material Cost

$347,000

Plus: Direct Labor Costs

$213,000

Plus: Applied Overhead Costs

$316,000

Total Manufacturing Cost

$933,000

Less: Ending Work In Process Inventory

($52,000)

Cost of Goods Manufactured

$881,000

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