Solved

The Younce Equipment Company Provided You with the Following Information

Question 121

Essay

The Younce Equipment Company provided you with the following information for the fiscal year ended December 31.
 Work-in-process inventory, 12/31 $28,950 Finished goods inventory, 1/1 153,700 Direct labor costs incurred 502,150 Manufacturing overhead costs 1,364,700 Direct materials inventory, 1/1 125,400 Finished goods inventory, 12/31255,500 Direct materials purchased875,100 Work-in-process inventory, 1/150,500 Direct materials inventory, 12/3184,700\begin{array}{lr}\text { Work-in-process inventory, 12/31 } & \$ 28,950 \\\text { Finished goods inventory, 1/1 } & 153,700 \\\text { Direct labor costs incurred } & 502,150 \\\text { Manufacturing overhead costs } & 1,364,700 \\\text { Direct materials inventory, 1/1 } & 125,400\\\text { Finished goods inventory, \( 12 / 31 \)}&255,500\\\text { Direct materials purchased}&875,100\\\text { Work-in-process inventory, \( 1 / 1 \)}&50,500\\\text { Direct materials inventory, \( 12 / 31 \)}&84,700\end{array}

Required:
(a) Compute the total manufacturing costs incurred during the year.
(b) Compute the total work-in-process during the year.
(c) Compute the cost of goods manufactured during the year.
(d) Compute the cost of goods sold during the year.

Correct Answer:

verifed

Verified

(a) [($125,400 + 875,100 ? 84,700) + 502...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents