The following table summarizes the beginning and ending inventories of Decatur Manufacturing Inc. for the...
60.1K
Verified Solution
Link Copied!
Question
Accounting
The following table summarizes the beginning and ending inventories of Decatur Manufacturing Inc. for the month of October:
Sept.30
Oct.31
Raw materials
$
33,500
$
27,600
Work in process
71,300
64,800
Finished goods
47,200
41,900
Raw materials purchased during the month of October totaled $123,900. Direct labor costs incurred totaled $312,200 for the month. Actual and applied manufacturing overhead costs for October totaled $188,400 and $192,300, respectively. Over/Underapplied overhead is written off to cost of goods sold at the end of the year in December. Required:
- Calculate the cost of goods manufactured for October.
- Calculate the cost of goods sold for October.
a.
Cost of goods manufactured
b.
Cost of goods sold
The following table summarizes the beginning and ending inventories of Decatur Manufacturing Inc. for the month of October:
| Sept.30 |
|
| Oct.31 |
|
|
Raw materials | $ | 33,500 |
| $ | 27,600 |
|
Work in process |
| 71,300 |
|
| 64,800 |
|
Finished goods |
| 47,200 |
|
| 41,900 |
|
|
|
|
|
|
|
|
Raw materials purchased during the month of October totaled $123,900. Direct labor costs incurred totaled $312,200 for the month. Actual and applied manufacturing overhead costs for October totaled $188,400 and $192,300, respectively. Over/Underapplied overhead is written off to cost of goods sold at the end of the year in December. Required:
- Calculate the cost of goods manufactured for October.
- Calculate the cost of goods sold for October.
a. | Cost of goods manufactured |
|
b. | Cost of goods sold |
|
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.