Essay
The following information was taken from the records of the Slidell Corporation for the month of July.(There were no inventories of work in process or finished goods on July 1. )
| Units | Cost | ||
| Sales during month | 8,000 | $? | |
| Manufacturing costs for month: | |||
| Direct material | 32,000 | ||
| Direct labor | 20,000 | ||
| Overhead costs applied | 15,000 | ||
| Overhead costs under-applied | 800 | ||
| Inventories, July 31: | |||
| Work in process | 1,000 | ? | |
| Finished goods | 2,000 | ? |
Indirect manufacturing costs are applied on a direct labor cost basis.The under-applied balance is due to seasonal variations and will be carried forward.The following cost estimates have been submitted for the work in process inventory of July 31: material,$3,000;direct labor,$2,000.
Required:
a.Determine the number of units that were completed and transferred to finished goods during the month.
b.Complete the estimate of the cost of work in process on July 31.
c.Compute cost of goods manufactured for the month.
d.Determine the cost of each unit completed during the month.
e.Determine the total amount debited to the Overhead Control accounts during the month.
Correct Answer:
Verified
Correct Answer:
Verified
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