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jeka94
2 years ago
6

WalCo is a manufacturing company. Assume the estimated inventories on January 1, 2020, for finished goods, work in process, and

materials were $171,000, $63,000 and $72,000 respectively. Also assume the desired inventories on December 31, 2020, for finished goods, work in process, and materials were $216,000, $84,000 and $93,000 respectively. Direct material purchases were $467,000. Direct labor was $362,000 for the year. Factory overhead was $213,000. Prepare a cost of goods sold budget for WalCo..
Business
1 answer:
ASHA 777 [7]2 years ago
6 0

Answer:

Cost of goods sold=$955000

Explanation:

we know that to calculate cost of goods sold we have to first finds cost of goods manufactured and to calculate cost of goods manufactured we will need total manufacturing cost.

Step#01: Total manufacturing cost=?

Total manufacturing cost= raw material used+direct labour+ factory overhead

Raw material used=?

     Raw material (open)=         72000

Add:  Raw material purchase=<u>467000</u>

                                                  539000

less: Raw material (ending)=   (<u>93000</u>)

      Raw material used            446000

Total manufacturing cost=446000+363000+213000=1021000

Step#2: Cost of goods manufactured (COGM)=?

we know that: COGM= Total manufacturing cost+ work in process (open)-work in process (end)

          COGM= 1021000+63000-84000=1000,000

Step#3: Cost of goods sold (COGS)=?

 we know that : COGS= Cost of goods manufactured+finished goods (open)-finished goods (ending)

               COGS= 1000000+171000-216000=955000

                                                   

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2 years ago
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Answer:

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3 0
3 years ago
An insurance policy sells for ​$1200. Based on past​ data, an average of 1 in 100 policyholders will file a ​$10 comma 000 ​clai
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Answer:

Expected Value = $740

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We can easily calculate the expected value and expected profit/loss in this situation by some minor working

Expected values = Expected Claim - per policy cost

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2 years ago
Andy Company had a cash balance on May 1 of $ 30,000. At the end of​ May, the cash balance has increased to $ 33,000. During the
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Answer:

The correct answer is A

Explanation:

The Cash payments for the month of may is computed as:

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Cash received  during the month is $47,000

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Putting the values above:

Cash payments = $30,000 + $47,000 - $33,000

= $77,000 - $33,000

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4 0
2 years ago
Which marketing orientation states that consumers will favor products that offer the most in​ quality, performance, and innovati
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