The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Additional data:
1) Actual manufacturing overhead for January amounted to $63,000.
2) Total direct labor cost for January was $63,200.
3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $240,000 of direct labor cost and $336,000 of manufacturing overhead costs.
4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $6200 (1300 direct labor hours)and total direct material charges were $14,300.
5) Cost of direct materials placed in production during January totaled $123,900. There were no indirect material requisitions during January.
6) January 31 balance in raw materials inventory was $35,700.
7) Finished goods inventory balance on January 31 was $34,900.
What is the cost of goods sold for January?

Question

The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company:  Additional data:
1) Actual manufacturing overhead for January amounted to $63,000.
2) Total direct labor cost for January was $63,200.
3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $240,000 of direct labor cost and $336,000 of manufacturing overhead costs.
4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $6200 (1300 direct labor hours)and total direct material charges were $14,300.
5) Cost of direct materials placed in production during January totaled $123,900. There were no indirect material requisitions during January.
6) January 31 balance in raw materials inventory was $35,700.
7) Finished goods inventory balance on January 31 was $34,900.
What is the cost of goods sold for January?

Quizplus · Accepted Answer

The Answer of The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company:  Additional data:
1) Actual manufacturing overhead for January amounted to $63,000.
2) Total direct labor cost for January was $63,200.
3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $240,000 of direct labor cost and $336,000 of manufacturing overhead costs.
4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $6200 (1300 direct labor hours)and total direct material charges were $14,300.
5) Cost of direct materials placed in production during January totaled $123,900. There were no indirect material requisitions during January.
6) January 31 balance in raw materials inventory was $35,700.
7) Finished goods inventory balance on January 31 was $34,900.
What is the cost of goods sold for January?

The Following Account Balances at the Beginning of January Were