The following information is available for completed Job No. 402: Direct materia
ID: 2512342 • Letter: T
Question
The following information is available for completed Job No. 402: Direct materials, $150,000; direct labor $190,000; manufacturing overhead applied, $80,000; units produced, 6,000 units; units sold, 5,000 units. The cost of the finished goods on hand from this job is?At 19,000 direct labor hours, the flexible budget for indirect materials is $54,000. If $40,400 are incurred at 20,400 direct labor hours, the flexible budget report should show the following difference for indirect materials (show your work):
What is the formula to calculate cost of good sold?
The following information is available for completed Job No. 402: Direct materials, $150,000; direct labor $190,000; manufacturing overhead applied, $80,000; units produced, 6,000 units; units sold, 5,000 units. The cost of the finished goods on hand from this job is?
At 19,000 direct labor hours, the flexible budget for indirect materials is $54,000. If $40,400 are incurred at 20,400 direct labor hours, the flexible budget report should show the following difference for indirect materials (show your work):
What is the formula to calculate cost of good sold?
At 19,000 direct labor hours, the flexible budget for indirect materials is $54,000. If $40,400 are incurred at 20,400 direct labor hours, the flexible budget report should show the following difference for indirect materials (show your work):
What is the formula to calculate cost of good sold?
Explanation / Answer
ans Total product cost Direct Material $150,000 Direct Labor 190000 Manufacturing Overhead 80000 Total product cost A $420,000 No. of units produced B 6000 Cost per unit A/B $70 ans Cost of Finished Goods on hand ($70*1000) 70000 Cost of good sold (70*5000) 350000 ans Flexible budget rate per hour 54000/19000 2.84 for 20400 hours flexible budget amt is 20400*2.84 57979 Less: Actual direct labor cost 40400 Spending Variance 17579 F 17580 F Formula to calculate COGS Opening Inventory+Units produced-Ending Inventory
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