1. Nantahala Company has the following information for August.
2. Instructions: For August determine (a) the cost of goods manufactured (b) the cost of goods sold:
DIRECT LABOR $30,000
FACTORY OVERHEAD 45,000
WORK IN PROCESS INVENTORY 8/01 10,000
WORK IN PROCESS INVENTORY, 8/31 8,000
FINISHED GOODS INVENTORY, 8/01 18,000
FINISHED GOODS INVENTORY, 8/31 10,000
1. Tsail Company has the following information for February:
2. Instructions: For February, determine (a) the cost of goods manufactured (b) the cost of goods sold:
COST OF DIRECT MATERIALS USED IN PRODUCTION $18,000
DIRECT LABOR 54,000
FACTORY OVERHEAD 36,000
WORK IN PROCESS INVENTORY, 2/01 50,000
WORK IN PROCESS INVENTORY, 2/28 57,000
FINISHED GOODS INVENTORY, 2/01 22,000
FINISHED GOODS INVENTORY, 2/28 26,000
1. Classify these industries with respect to the type of cost accumulation procedure generally used - job order costing or process costing.
ITEMS
MEAT
SUGAR
STEEL
BREAKFAST CEREAL
WOODEN FURNITURE
TOYS
COKE
COOKING UTENSILS
CASKETS.