Remaining Time: 1 hour, 50 minutes, 08 seconds Question Completion Status: Path
ID: 2391089 • Letter: R
Question
Remaining Time: 1 hour, 50 minutes, 08 seconds Question Completion Status: Path p QUESTION 4 Manuflacturing costs for Mabel-Carson Enterprises for selected months are as follows 5 88. 000 155,000 Beginning work in process Direct materials used Direct labor Manufacturing overhead Total manufacturing costs otal cost ofl work in process Ending work in process Cost of goods manufactured Beginning finished goods Cost of goods avalable for sale Ending Snished goods Cost of goods sold 80,000 280,000 195,000 (al 60,000 b) 75,000 $190.000 170.000 150.000 510,000 640,000 0,000 450,000 k) 515.000 8 000 5.000 m) 480.000 960 000 h) 5.000 820.000 355,000 In the answer space, make a isting from (a) to (n) Indicate the missing amounts for (a) through n) as indcated above. You MUST show computations to ecelve cedt T TTArai QUESTION S oun words, define and discuss what is meant by "Job Onder Costing in managerial accounting Present two example of induntries thatl wouild ike mplemen Chel Save and Submit to save and subeit. Cick Save All Auwers to sove all aers.Explanation / Answer
(a) Manufacturing oh = total manufacturing costs – direct materials – direct labor = $385,000 ($860,000 – $280,000 – $195,000).
(b)Cost of WIP = Manu. OH + opening WIP = $940,000 ($860,000 + $80,000).
(c)cost of goods manufactured = Cost of WIP – closing WIP= $865,000 ($940,000 – $75,000).
(d)opening F.G. = cost of goods available for sale – cost of goods manufactured= $95,000 ($960,000 – $865,000).
(e)Ending FG = cost of goods available for sale – cost of goods sold = $140,000 ($960,000 – $820,000).
(f)beginning WIP = cost of WIP –total manufacturing OH= $130,000 ($640,000 – $510,000).
(g)ending WIP = cost of WIP – cost of goods manufactured = $125,000 ($640,000 – $515,000).
(h)cost of goods available for sale = cost of goods manufactured + opening F.G. =$553,000 ($515,000 + $38,000).
(i)cost of goods sold = cost of goods available for sale – ending FG = $478,000 ($553,000 – $75,000).
(j)Direct labor = manufacturing costs-manufacturing OH – direct material used = $205,000 ($450,000 – $90,000 – $155,000).
(k)cost of WIP = opening WIP + manufacturing costs = $538,000 ($88,000 + $450,000).
(l)ending WIP = cost of WIP – cost of goods manufactured = $153,000 ($538,000 – $385,000).
(m) opeining FG = cost of goods available for sale – cost of goods manufactured = $95,000 ($480,000 – $385,000).
(n) ending FG = cost of goods available for sale – cost of goods sold = $125,000 ($480,000 – $355,000).