Cost Definitions and Calculations For each of the following independent situatio
ID: 2332192 • Letter: C
Question
Cost Definitions and Calculations
For each of the following independent situations, calculate the missing values:
1. The Belen plant purchased $82,100 of direct materials during June. Beginning direct materials inventory was $3,600, and direct materials used in production were $71,200. What is ending direct materials inventory?
$
2. Forster Company produced 11,200 units at an average cost of $4.40 each. The beginning inventory of finished goods was $2,244. (The average unit cost was $4.40.) Forster sold 11,320 units. How many units remain in ending finished goods inventory?
units
3. Beginning work in process (WIP) was $114,600, and ending WIP was $117,700. If total manufacturing costs were $353,250, what was the cost of goods manufactured?
$
4. If the conversion cost is $97 per unit, the prime cost is $61, and the manufacturing cost per unit is $122, what is the direct materials cost per unit?
$ per unit
5. Total manufacturing costs for August were $410,000. Prime cost was $53,000, and beginning WIP was $79,000. The cost of goods manufactured was $439,000. Calculate the cost of overhead for August and the cost of ending WIP.
Cost of overhead for August $ Ending WIP $Explanation / Answer
1 Ending direct materials inventory = 82100+3600-71200= $14500 2 Units in ending finished goods inventory = 11200+(2244/4.40)-11320= 390 units 3 Cost of goods manufactured = 114600+353250-117700= $350150 4 Direct materials cost per unit = 122-97 = $25 5 Cost of overhead for August = 410000-53000= $357000 Ending WIP = 79000+410000-439000= $50000