IF YOU DONT NOW DONT ANSWER Randall Company manufactures products to customer sp
ID: 2494199 • Letter: I
Question
IF YOU DONT NOW DONT ANSWER
Randall Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. Factory overhead cost was applied at 116% of direct labor cost. Selected data concerning the past year's operation of the company are presented below.
IF YOU DONT NOW DONT ANSWER
Randall Company manufactures products to customer specifications. A job costing system is used to accumulate production costs. Factory overhead cost was applied at 116% of direct labor cost. Selected data concerning the past year's operation of the company are presented below.
January 1 December 31 Direct materials $70,500 $37,200 Work in process $61,100 $38,800 Finished goods $107,000 $93,700 Other information Direct materials purchases $301,400 Cost of goods available for sale $897,900 Actual factory overhead $240,200 The total manufacturing costs for the year are: $769,600 $791,900 $768,600 $790,900 $829,700Explanation / Answer
RAW MATERIALS CONUMED = OPENING STOCK OF RAW MATERIALS + PURCHASES - CLOSING STOCK OF RAW MATERIALS
= 70500 + 301400 -37200
= $334700