# Calculate The Following 1 Raw Materials Inventory At Dec 31 2016 2 2522633

Calculate the following: 1.) Raw Materials Inventory at Dec. 31, 2016 2.) Total Manufacturing costs added to Work in Process Inventory during 2016 3.) Cost of Goods Manufactured during 2016 4.) Total Inventories recorded as of Dec. 31, 2016 5.) Assume Cost of Goods Manufacture is \$500,000. What is Cost of Goods Sold for 2016. (2) A small company that produces a single product has the following cost structure: Number of units produced is 6,000 Direct Materials is \$2.00 per unit Direct Labor is \$4.00 per unit Variable Manufacturing overhead is \$ Document Preview:

(1) Johnson Manufacturing includes the following accounting records: Dec. 31, 2016 December 31, 2015 Work in Process Inventory \$15,000 \$12,000 Finished Goods Inventory \$45,000 \$51,000 Materials Purchased \$331,000 Raw Materials Inventory \$24,000 Direct Materials Used \$325,000 Manufacturing Overhead incurred \$132,000 Direct Labor \$120,000 Selling Expenses \$ 70,000 Calculate the following: 1.) Raw Materials Inventory at Dec. 31, 2016 2.) Total Manufacturing costs added to Work in Process Inventory during 2016 3.) Cost of Goods Manufactured during 2016 4.) Total Inventories recorded as of Dec. 31, 2016 5.) Assume Cost of Goods Manufacture is \$500,000. What is Cost of Goods Sold for 2016. (2) A small company that produces a single product has the following cost structure: Number of units produced is 6,000 Direct Materials is \$2.00 per unit Direct Labor is \$4.00 per unit Variable Manufacturing overhead is \$1.00 per Unit Variable selling and Administrative Expenses is \$3.00 per unit Manufacturing Overhead is fixed for \$30,000 per year Selling and Administrative Expenses is \$10,000 per year fixed Assume a selling price of \$20.00 per unit 1.) Compute the unit product cost under absorption costing method. 2.) Compute the unit product cost under variable/marginal costing method.

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