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  • Assignment 1 CGS CA 14102021 012543pm 21022023 110046am

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    Muhammad Huzaifa
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    Finished goods were 700 units on January 1st and 900 units on December 31st. 4,200 units were sold during the year at $250 per unit. Materials purchased were $490,000 and direct labor costs were $162,500 paid at $8 per hour. Factory overhead was applied at $10 per direct labor hour. The cost of goods sold statement and calculation of under/over applied factory overhead is required using additional information on depreciation, indirect labor, and miscellaneous factory overhead costs.

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    Assignment-1-CGS-CA-14102021-012543pm-21022023-110046am

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    Finished goods were 700 units on January 1st and 900 units on December 31st. 4,200 units were sold during the year at $250 per unit. Materials purchased were $490,000 and direct labor costs were $162,500 paid at $8 per hour. Factory overhead was applied at $10 per direct labor hour. The cost of goods sold statement and calculation of under/over applied factory overhead is required using additional information on depreciation, indirect labor, and miscellaneous factory overhead costs.

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    4 views2 pages

    Assignment 1 CGS CA 14102021 012543pm 21022023 110046am

    Uploaded by

    Muhammad Huzaifa
    Finished goods were 700 units on January 1st and 900 units on December 31st. 4,200 units were sold during the year at $250 per unit. Materials purchased were $490,000 and direct labor costs were $162,500 paid at $8 per hour. Factory overhead was applied at $10 per direct labor hour. The cost of goods sold statement and calculation of under/over applied factory overhead is required using additional information on depreciation, indirect labor, and miscellaneous factory overhead costs.

    Copyright:

    © All Rights Reserved
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    of 2

    Assignment 1 CGS

    The cost department of Black Corporation prepared the following data

    Inventories Jan 1 Dec31


    Finished goods 71600 ?
    WIP 89500 95550
    Materials 54200 68300
    Interest earned 6300
    Finished goods inventory, 1 Jan 700 units
    st

    31st Dec 900 units and sold units amount to 4200 at $250 per unit
    Material purchased 490000
    Direct labor $162500 @ $8 per hour
    FOH is applied at the rate of $10 per direct labor hour.
    Freight in 8600
    Purchase discount 5200
    Required:
    i. Prepare cost of goods sold statement.
    ii. Calculate under applied/over applied FOH by using the following information:
    Depreciation Factory equip 91350
    Indirect labor 83400
    Miscellaneous FOH 57900

    Q2.

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