Cost of goods manufactured, balance in the raw materials inventory account.
Dasilvia Company had only 1 job in process on May 1. The job had been charged with $1,400 of direct materials, $6,192 of direct material, and $5712 of manufacturing overhead cost. The company assigns overhead cost to jobs using the predetermined overhead rate of $11.90 per direct labor hour. During May the following activity was recorded
Raw materials (all direct materials)
|
Beginning balance
|
$8,500
|
|
Purchase during the month
|
$48,000
|
|
Used in production
|
$51,800
|
Labor:
|
Direct labor-hours worked during the month
|
1,900
|
|
Direct labor cost incurred
|
$24,510
|
|
Actual manufacturing overhead costs incurred
|
$21,000
|
Inventories:
|
Raw material, May 30
|
?
|
|
Work in process, May 30
|
19,536
|
1) The cost of goods manufactured for May was:
a.$98.920
b.$92,688
c.$120,800
d.$97,310
2) The balance in the raw materials inventory account on May 30 was:
a.$4,700
b.$43,300
c.$3,800
d.9,500