, 22.06.2019 21:10 cece3467

# Kinc. has provided the following data for the month of may: inventories: beginning ending work in process \$ 17,000 \$ 12,000 finished goods \$ 46,000 \$ 50,000 additional information: direct materials \$ 57,000 direct labor cost \$ 87,000 manufacturing overhead cost incurred \$ 63,000 manufacturing overhead cost applied to work in process \$ 61,000 any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. the adjusted cost of goods sold that appears on the income statement for may is:

Instructions are listed below

Explanation:

Giving the following information:

Inventories:

Beginning  Work in process \$ 17,000

Ending WIP= \$ 12,000

Beginning Finished goods \$ 46,000

Ending Finished goods \$ 50,000

Direct materials \$ 57,000

Direct labor cost \$ 87,000

Manufacturing overhead cost incurred \$ 63,000

Manufacturing overhead cost applied \$ 61,000

First, we need to calculate the cost of goods manufactured:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 17000 + 57000 + 87000 + 61000 - 12000= 210,000

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 46000 + 210000 - 50000 = 206,000

### Other questions on the subject: Business

Practice question 05 as a result of a thorough physical inventory, railway company determined that it had inventory worth \$180,000 at december 31, 2017. this count did not take into consideration the following transactions: • rogers consignment store currently has goods worth \$35,000 on its sales floor that belong to railway but are being sold on consignment by rogers. the selling price of these goods is \$50,000. • railway purchased \$13,000 of goods that were shipped on december 27, fob destination, that will be received by railway on january 3. determine the correct amount of inventory that railway should report.
​marketing strategies should be established before marketing objectives are decided. t/f