The following cost data relate to the manufacturing activities of Chang Company during the just...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: $ 17,000 150,000 10,000 90,000 147,000 12,000 $426,000 Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, factory Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $420,000 $ 80,000 $ 22,000 $ 32,000 $ 42,000 $ 72,000 The company uses a predetermined overhead rate of $20 per machine-hour to apply overhead cost to jobs. A total of 21,700 machine- hours were used during the year. Chang Company Schedule of Cost of Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory Less: Ending work in process inventory Cost of goods manufactured
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
