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newconnect.mheducation.com # 1 ,, canvas myUCdavis xfinity WestVillage Job Link CalNet Localwiki Davis FA UC APP Cyro ASSIST WSHH giants espn RMP UCD YouTube Netflix Registrar Facebook Assignments: MGT 011B A01-A07, B01-B07 SQ 2018 Ch 3 Homework Help Save & Exlt Submit Saved Check my work 10 Required information The foWowing information applies to the questions displayed below Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were Part 10 of 15 as follows: 0.58 points Raw nateriale$60,500 Hork in process 20,800 Pinished goods57,600 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $11.25 per direct labor-hour was based on a cost formula that estimated $450,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year a. Raw materials were purchased on account, $622,000. b. Raw materials use in production, $591,800. All of of the raw materials were used as direct materials. c. The following costs were accrued for employee services: direct labor, $400,000; indirect labor, $150,000; selling and administrative salaries, $280,000 d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $400,000. Incurred various manufacturing overhead costs (e.g, depreciation, insurance, and utilities), $300,000 Manufocturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. e. f. g. Jobs costing $1,360,750 to manufacture according to their job cost sheets were completed during the year h. Jobs were sold on account to customers during the year for a total of $3,330,000. The jobs cost $1,370,750 to manufacture according to their job cost sheets. 10. What is the cost of goods avallable for sale during the year? K Prev 10 1 12... 15 of 17 Next>Explanation / Answer
Cost of goods available for sale = $1,418,350
Working:
Cost of goods manufactured 1360750 Add: Beginning finished goods 57600 Cost of goods available for sale 1418350Related Questions
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