Week_11_ACCT Problems – E1-7,P4-6, E6-7

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Description

a.
Valley View Manufacturing Co.
Statement of Cost of Goods Manufactured
For the Month Ended January 31, 20–
Materials:
Inventory, January 1 $
Purchases
Total cost of available materials $
Less inventory, January 31
Cost of materials ued $
Less indirect materials used
Cost of direct materials used in production $
Direct labor
Factory overhead:
Indirect materials $
Indirect labor
Other
Total factory overhead
Total manufacturing cost $
Add work in process inventory, January 1
$
Less work in process inventory, January 31
Cost of goods manufactured $
b.
Cost of goods sold:
Finished goods inventory, January 1 $
Add costs of goods manufactured
Goods available for sale $
Less finished goods inventory, January 31
Cost of goods sold $

 

Problem 4-6
Schedule for Distribution of Service Department Costs—Direct Method
Bldg. Factory
Description Maint. Office Mixing Blending Finishing Total
Total from factory overhead analysis sheets
Allocate building maintenance
based on floor space:
Mixing
Blending
Finishing
Allocate factory office
based on number of employees:
Mixing
Blending
Finishing
Total – direct and apportioned expenses

 

Exercise 6-7
Cost of production for month:
Materials
Labor
Factory overhead
Total cost to be accounted for
Unit output for month:
Finished and transferred
Equivalent units of work in process
Total
Unit cost for month:
Materials
Labor
Factory overhead
Total
Inventory costs:
Cost of goods finished and transferred
Cost of work in process, end of month:
Materials
Labor
Factory overhead
Total production costs accounted for

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