Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. aaa manufacturing company had a balance of $100,00

AAA manufacturing company had a balance of $100,000 in raw materials on the 1st of...

80.2K

Verified Solution

Question

Accounting

image

AAA manufacturing company had a balance of $100,000 in raw materials on the 1st of January. They purchased $800,000 of materials in the period. At the end of the year, they had $100,000 of raw materials. Added to that they had $2,000,000 of direct labor for this year. The labor rate is $20 per hour. The fixed manufacturing overhead is $100,000 and the variable overhead cost is $2 per direct labor hour. 1. Calculate the cost of goods manufactured Direct Materials Direct Labor Fixed Overhead Variable Overhead Total Q2. Direct materials for Job 001 were $3,000. The direct labor hour was 10 hours with $20 per hour and the POHR rate is $2 Calculate cost of goods sold to this business using a job order costing system

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!
Become a Member

Other questions asked by students