Velasco Productions has provided the following information for the year: $\begin{array} { | l | r | }
\hline \text { Direct Labor } & \$ 150,000 \
\hline \text { Beginning Work-in-Process Inventory } & 63,000 \
\hline \text { Direct Materials Used } & 269,000 \
\hline \text { Ending Work-in-Process Inventory } & 52,900 \
\hline \text { Manufacturing Overhead } & 135,000 \
\hline
\end{array}$ During the year,Velasco produced 71,220 units of product.Calculate the unit product cost.(Round your answer to the nearest cent.)

Question

Velasco Productions has provided the following information for the year: $\begin{array} { | l | r | } 
\hline \text { Direct Labor } & \$ 150,000 \
\hline \text { Beginning Work-in-Process Inventory } & 63,000 \
\hline \text { Direct Materials Used } & 269,000 \
\hline \text { Ending Work-in-Process Inventory } & 52,900 \
\hline \text { Manufacturing Overhead } & 135,000 \
\hline
\end{array}$ During the year,Velasco produced 71,220 units of product.Calculate the unit product cost.(Round your answer to the nearest cent.)

Quizplus · Accepted Answer

$\begin{array} { l r }
 \text { Beginning Work-in-Process Inventory}&&\$63,000\
 \text { Direct Materials Used: } & \$ 269,000 \ \text { Direct Labor } & 150,000 \ \text { Manufacturing Overhead } & \underline { 135,000 } \end{array}$
$\begin{array}{llcc}
  \text {  Total Mfg. Costs Incurred} && &\quad\quad\quad\quad\underline{554,000} \
 \text {Total Mfg. Costs to Acoount For  } &&&\quad\quad\quad617,000\
 \text {  Ending Work-in-Process Inventory} &&&\quad\quad\quad \underline{(52,900)}\
 \text { Cost of Goods Manufactured } &&& \quad\quad\quad\underline{ \underline{\$564,100}}\
 
\end{array}$
 Unit product cost: Cost of Goods Manufactured / Units produced
Unit product cost $7.92 per unit

Velasco Productions Has Provided the Following Information for the Year