90.2K

Verified Solution

Link Copied!

Question content area top

Part $1$

The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing$\mathrm{​}$ Company:

Work in process inventory

$\mathrm{​}$$$0$

Raw materials inventory

$ $28$ comma $700$$$28,700$

Finished goods inventory

$ $40$ comma $800$$$40,800$

Additional$\mathrm{​}$ data:

$1.$ Actual manufacturing overhead for January amounted to

$ $65$ comma $000$$$65,000.$

$2.$ Total direct labor cost for January was

$ $63$ comma $400$$$63,400.$

$3.$ The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for

$ $251$ comma $000$$$251,000$

of direct labor cost and

$ $301$ comma $200$$$301,200$

of manufacturing overhead costs.

$4.$ The only job unfinished on January $31$ was Job No$.\mathrm{​}\text{ }151,$ for which total direct labor charges were

$ $5$ comma $900$$$5,900$

$\mathrm{​}(900900$

direct labor$\mathrm{​}$ hours$)$ and total direct material charges were

$ $14$ comma $900$$$14,900.$

$5.$ Cost of direct materials placed in production during January totaled

$ $123$ comma $500$$$123,500.$

There were no indirect material requisitions during January.

$6.$ January $31$ balance in raw materials inventory was

$ $35$ comma $400$$$35,400.$

$7.$ Finished goods inventory balance on January $31$ was

$ $35$ comma $400$$$35,400.$

What is the cost of goods manufactured for$\mathrm{​}$ January?

Answer & Explanation Solved by verified expert

See Answer