80.2K

Verified Solution

Link Copied!

Sheffield uses a job order costing system. On November 30, the Work in Process Inventory consisted of the following jobs 00,000 ,693,000 On November 30, Sheffield's Raw Materials Inventory account totaled $697,000, and its Finished Goods Inventory totaled $3,476,400. Sheffield applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $5,000,000, and the company planned to use 1,000,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 850,000 machine hours, total manufacturing overhead amounted to $4,284,500, and Cost of Goods Sold was $8,760,250. For the pursposes of this problem, ignore year-end disposition of over /under applied overhead. Sheffield purchased $648,000 in raw materials in December and incurred the following costs for jobs in process that month IssuedMackine Hours ect CH291 $18,500 PSS12 247.Co 22.000 DS444 $260,000 17,000 14,300 16,900 $47 200 $225,500 The following jobs were completed in December and transferred to the Finished Goods Inventory CC723 Computer caddy 25,000 18,000 9,000 CH29 Chair Calculate the total cost of each of the four jobs worked on in December (b) Calculate the total manufacturing cost for December Total manufacturing cost (e) Calculate the cost of goods manufactured for December 2344100 Cost of goeds manufactured Calculate the balance in the Work in Process Inventory account on December 31 Dalance in work in process Printer stand On November 30, Sheffield's Raw Materials Inventory account totaled $697,000, and its Finished Goods Inventory totaled $3,476,400, Sheffield applies manufacturing overhead on the basis of machine hours. The company's manufacturing overhead budget for the year totaled $5,000,000, and the company planned to use 1,000,000 machine hours during the year. Through the first eleven months of the year, the company used a total of 850,000 machine hours, total manufacturing overhead amounted to $4,284,500, and Cost of Goods Sold was $8,760,250. For the pursposes of this problem, ignore year-end disposition of over/ under applied overhead. Sheffield purchased $648,000 in raw materials in December and incurred the following costs for jobs in process that month: $247,000 600 The following jobs were completed in December and transferred to the Finished Goods Inventory: (a) Calculate the total cost of each of the four jobs worked on in Caloulate the botal manfatturing ost for Decembe Total manufacturing cont ) Calculate the balance in the Work in Process Inventory account orn December 31. Balance in work in procs )Assume that Sheffield sold 15,000 computer caddies, 12,000 chairs, and 4,500 desks in December. Calculate Cost of Goods Sold for the month of December and the ending Finished Goods Inventory balance on December 31. (For computation purpose round per unit rates to 2 decimal places, e.g. 3.54. Round final answers to 0 decmial places, e.g 45,000.) Finished geeds nventery

Answer & Explanation Solved by verified expert

See Answer