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23 May, 06:15

Hunkins Corporation has provided the following data concerning last month's operations. Purchases of raw materials $ 33,000 Indirect materials included in manufacturing overhead $ 4,000 Direct labor cost $ 58,000 Manufacturing overhead applied to Work in Process $ 91,000 Beginning Ending Raw materials inventory $ 14,000 $ 20,000 Work in process inventory $ 57,000 $ 70,000 How much is the direct materials cost for the month on the Schedule of Cost of Goods Manufactured?

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  1. 23 May, 06:26
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    Cost of goods manufactured $ 159,000

    Explanation:

    Direct materials:

    Beginning raw materials inventory $ 14,000

    Add: Purchases of raw materials 33,000

    Total raw materials available 47,000

    Less: Ending raw materials inventory 20,000

    Raw materials used in production 27,000

    Less: Indirect materials included in manufacturing overhead 4,000 23,000

    Direct labor 58,000

    Manufacturing overhead cost applied to work in process 91,000

    Total manufacturing costs 172,000

    Add: Beginning work in process inventory 57,000

    Total 229,000

    Less: Ending work in process inventory 70,000

    Cost of goods manufactured $ 159,000

    Therefore the direct materials cost for the month on the Schedule of Cost of Goods Manufactured is $159,000
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