Inventories:Raw materialApril 1$20,000April 30$17,0008,000Work in processFinished goods12,00030,00039,000Additional information for April:Raw material purchasedDirect labor payrollDirect labor rate per hourOverhead rate per direct labor hour$45,000$36,000$ 8.00$ 10.001. The prime cost incurred was?2. The conversion incurred was?3. The cost of goods sold was?

Prime costs is the basic costs incurred to manufacture the product. Prime costs would therefore…

Answered: 1. The prime cost incurred was? 2. The…

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1. The prime cost incurred was? 2. The conversion incurred was? 3. The cost of goods sold was?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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Question

Inventories:
Raw material
April 1
$20,000
April 30
$17,000
8,000
Work in process
Finished goods
12,000
30,000
39,000
Additional information for April:
Raw material purchased
Direct labor payroll
Direct labor rate per hour
Overhead rate per direct labor hour
$45,000
$36,000
$ 8.00
$ 10.00
1. The prime cost incurred was?
2. The conversion incurred was?
3. The cost of goods sold was?

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Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000
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