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jarptica [38.1K]
3 years ago
8

Koczela Inc. has provided the following data for the month of May: Inventories: Beginning Ending Work in process $ 28,000 $ 23,0

00 Finished goods $ 57,000 $ 61,000 Additional information: Direct materials $ 68,000 Direct labor cost $ 98,000 Manufacturing overhead cost incurred $ 74,000 Manufacturing overhead cost applied to Work in Process $ 72,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for May is:
Business
1 answer:
astraxan [27]3 years ago
5 0

Answer:

COGS= $241,000

Explanation:

<u>First, we need to calculate the cost of goods manufactured with allocated overhead:</u>

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

cost of goods manufactured= 28,000 + 68,000 + 98,000 + 72,000 - 23,000

cost of goods manufactured= $243,000

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

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

COGS= 57,000 + 243,000 - 61,000

COGS= $239,000

<u>Finally, we close the under/over applied overhead to COGS:</u>

<u></u>

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 74,000 - 72,000

Underapplied overhead= $2,000

<u>We need to debit COGS and credit overhead:</u>

COGS     2,000

   Manufacturing overhead      2,000

COGS= 239,000 + 2,000

COGS= $241,000

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