Cherry Hill Glass Company employs anormal costing system. The following informat
ID: 2444347 • Letter: C
Question
Cherry Hill Glass Company employs anormal costing system. The following information pertains to theyear just ended.
•
Total manufacturing costs were $1,250,000.
•
Cost of goods manufactured was $1,212,500.
•
Applied manufacturing overhead was 30 percent of totalmanufacturing costs.
•
Manufacturing overhead was applied to production at a rate of 80percent of direct-labor cost.
•
Work-in-process inventory on January 1 was 75 percent ofwork-in-process inventory on December 31.
Requirement 1:
Compute Cherry Hill's totaldirect-labor cost for the year. (Omit the "$" sign in yourresponse.)
Direct-labor cost
$
Requirement 2:
Calculate the total cost of directmaterial used during the year. (Omit the "$" sign in yourresponse.)
Direct-material cost
$
Requirement 3:
Compute the value of the company'swork-in-process inventory on December 31. (Omit the "$"sign in your response.)
Work-in-process inventory
$
Cherry Hill Glass Company employs anormal costing system. The following information pertains to theyear just ended.
•
Total manufacturing costs were $1,250,000.
•
Cost of goods manufactured was $1,212,500.
•
Applied manufacturing overhead was 30 percent of totalmanufacturing costs.
•
Manufacturing overhead was applied to production at a rate of 80percent of direct-labor cost.
•
Work-in-process inventory on January 1 was 75 percent ofwork-in-process inventory on December 31.
Requirement 1:
Compute Cherry Hill's totaldirect-labor cost for the year. (Omit the "$" sign in yourresponse.)
Direct-labor cost
$
Requirement 2:
Calculate the total cost of directmaterial used during the year. (Omit the "$" sign in yourresponse.)
Direct-material cost
$
Requirement 3:
Compute the value of the company'swork-in-process inventory on December 31. (Omit the "$"sign in your response.)
Work-in-process inventory
$
Explanation / Answer
0m
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