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IgorLugansk [536]
3 years ago
10

Santana Rey, owner of Business Solutions, decides to diversify her business by also manufacturing computer workstation furniture

.
Required
1. Classify the following manufacturing costs of Business Solutions as (a) variable or fixed and (b) direct or indirect.
2. Prepare a schedule of cost of goods manufactured for Business Solutions for the month ended January 31, 2018.
Direct materials: $2,900
Factory overhead: $530
Direct labor: $900
Beginning work in process: none (December 31, 2017)
Ending work in process: $520 (January 31, 2018)
Beginning finished goods inventory: none (December 31, 2017)
Ending finished goods inventory: $350 (January 31, 2018)
3. Prepare the cost of goods sold section of a partial income statement for Business Solutions for the month ended January 31, 2018.
Business
1 answer:
Colt1911 [192]3 years ago
7 0

Answer:

Instructions are below.

Explanation:

Giving the following information:

Direct materials: $2,900 VARAIBLE

Factory overhead: $530 MIXED (ussually)

Direct labor: $900 VARIABLE

Beginning work in process: none (December 31, 2017)

Ending work in process: $520 (January 31, 2018)

Beginning finished goods inventory: none (December 31, 2017)

Ending finished goods inventory: $350 (January 31, 2018)

<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 0 + 2,900 + 900 + 530 - 520

cost of goods manufactured= $3,810

<u>Now, we can determine the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

beginning finished inventory= 0

cost of goods manufactured= 3,810

ending finished inventory= (350)

Cost of goods manufactured= $3,460

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