Quesitons: Finished Goods Inventory, beginning of the year Manufacturing cost as

Question

Quesitons:

Finished Goods Inventory, beginning of the year Manufacturing cost assigned to production:     Direct materials used     Manufacturing overhead         Total manufacturing costs Total Cost of Goods Manufactured Less: Finished Goods Inventory, end of year Cost of Finished Goods Sold Debit Credit Work in process - Mixing Department Materials Inventory Factory Overhead Work in process -Cooking Department Transferred out: Mixing Dept. Factory Overhead Work in process -Carbonate Department Transferred out: Cooking Dept. Materials Inventory Factory Overhead Work in process -Bottling Department Transferred out: Carbonate Dept. Materials Inventory Factory Overhead Finished Goods Inventory Transferred out: Bottling Dept. Cost ofGoods Sold Finished Goods Inventory 1,500 900 600 2,100 1,500 600 2,775 2,100 75 600 3,575 2,775 200 600 3,575 3,575 3,725 3,725

Explanation / Answer

Finished Goods Inventory, beginning of the year 150 (3725-3575) Manufacturing cost assigned to production:     Direct materials used 1175 (900+75+200)     Manufacturing overhead 2400 (600+600+600+600)         Total manufacturing costs 3575 (1175+2400) Total Cost of Goods Manufactured 3575 Less: Finished Goods Inventory, end of year 0 Cost of Finished Goods Sold 3725 (150+3575-0) Data on Finished goods inventory is not provided It is assumed that Ending Finished Goods Inventory= 0

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