Question
Chavez Corporation reported the following data for the month of July: Inventories: Beginning Ending Raw materials...
Chavez Corporation reported the following data for the month of July:
Inventories:
| Beginning | Ending | |||
| Raw materials | $ | 33,000 | $ | 33,000 |
| Work in process | $ | 19,000 | $ | 23,000 |
| Finished goods | $ | 35,000 | $ | 50,000 |
Additional information:
| Raw materials purchases | $ | 69,000 |
| Direct labor cost | $ | 94,000 |
| Manufacturing overhead cost incurred | $ | 62,000 |
| Indirect materials included in manufacturing overhead cost incurred | $ | 9,200 |
| Manufacturing overhead cost applied to Work in Process | $ | 61,000 |
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
The cost of goods manufactured for July is:
Multiple Choice
-
$210,800
-
$225,800
-
$214,800
-
$226,800
Answers
Correct answer----------$210,800
Working
Chavez Corporation Schedule of Cost of Goods Manufactured Direct Material Raw material Inventory Beginning $ 33,000 Raw material Purchased $ 59,800* Raw material available for use $ 92,800 Less: Raw material Inventory Ending $ 33,000 Direct Material Used $ 59,800 Direct labor $ 94,000 Manufacturing overheads applied $ 61,000 Total manufacturing Cost incurred during the period $ 214,800 Add: Work in process Beginning $ 19,000 Total Manufacturing cost to account for $ 233,800 Less: Work in process Ending $ 23,000 Cost of Goods Manufactured $ 210,800 *Only direct material is reported
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