Business College

Given the following, compute the cost of goods manufactured.
Direct material cost: $40,000
Direct labor cost: $100,000
Applied overhead: $120,000
Beginning work in process inventory: $30,000
Ending work in process inventory: $12,000

Answers

Answer 1

Answer:

$278,000

Explanation:

Given the above, cost of goods manufactured is computed as

= Direct materials + Direct labor + Applied overhead + Beginning work in process - Ending work in process

= $40,000 + $100,000 + $120,000 + $30,000 - $12,000

= $278,000

Cost of goods manufactured is $278,000

Related Questions

The balanced scorecard can be made more effective by developing it at a detail level so that employees:

Answers

Answer: can see how their actions contribute to the success of the firm.

Explanation:

The balanced scorecard shows the results of the actions that a particular company has already taken. It is used by the managers to track of activities that are to be executed and to also monitor the consequences of the actions that were taken.

The balanced scorecard can be made more effective by developing it at a detail level so that employees can see how their actions contribute to the success of the firm.

The Nicor family is planning to purchase a new home 7 years from now. If they have $240,000 now, how much will be available at the time of purchase

Answers

Answer:

$530,400

Explanation:

The interest rate on the funds is 12%.

To find the answer, we use the future value of an investment formula:

FV = PV(1 +i)^n

Where FV = Future Value (the value we are looking for)

PV = Present value, in this case $240,000

i  = the interest rate, in this case 12%

n = the number of compounding periods, in this case, 7 years.

Now, we plug the amounts into the formula:

FV = 240,000 (1 + 0.12)^7

FV = 240,000 (2.21)

FV = 530,400

So the value available for buying the new home after 7 years is $530,400

For financial accounting purposes, what is the total amount of product costs incurred to make 20,250 units

Answers

Answer:

$411,075

Explanation:

Calculation for the total amount of product costs incurred to make 20,250 units

First step is to calculate Variable manufacturing cost per unit

Direct materials 7.70

Direct labor Variable 4.70

Variable manufacturing overhead 2.20

Variable manufacturing cost per unit $14.6

Second step is to calculate Total variable manufacturing cost

Variable manufacturing cost per unit$14.6

*Number of units produced 20,250 units

=Total variable manufacturing cost $295,650

($14.6*20,250)

Second step is to calculate Total fixed manufacturing cost

Fixed manufacturing overhead per unit $5.70

xNumber of units used to calculate fixed cost per unit 20,250 units

=Total fixed manufacturing cost $115,425

($5.70*20,250)

Now let calculate Total product cost

Total product cost = $295,650+$115,425

Total product cost=$411,075

Therefore the total amount of product costs incurred to make 20,250 units is $411,075

what is consumer surplus​

Answers

Explanation:

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In mainstream economics, economic surplus, also known as total welfare or Marshallian surplus, refers to two related quantities: Consumer surplus, or consumers' surplus, is the monetary gain obtained .

Answer:

Consumer surplus is defined as the difference between the consumers' willingness to pay for commodity and the actual price paid by them , or the equilibrium price .

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