Results 1 to 3 of 3

Math Help - Accounting - Job Order Costing

  1. #1
    Junior Member
    Joined
    Jan 2008
    Posts
    50

    Accounting - Calculating Work in Process

    Im not really sure how to calculate the unknown values. I think somehow you use the Cost of Goods Manufactured schedule among other things but I cant figure out how to. Here is the information given:

    October 31, 2008
    Supplies (direct and indirect) = $79,250
    Work in Process Inventory = 58,875
    Finished goods Inventory = 60,000
    Cost of Goods sold = 576,000
    Accounts Payable (materials purchased only) = 17,960
    Manufacturing Overhead incurred = 129,500
    Manufacturing Overhead applied = 128,700

    November 30, 2008
    Supplies (direct and indirect) = $73,250
    Work in Process Inventory = ???
    Finished goods Inventory = 63,000
    Cost of Goods sold = 656,000
    Accounts Payable (materials purchased only) = 53,540
    Manufacturing Overhead incurred = 163,300
    Manufacturing Overhead applied = ???

    Other Information for November 2008:
    Cash payments to suppliers = $60,000
    Payroll (including 15,375 indirect) = 83,500
    Indirect Materials used = 5,848
    Overapplied Overhead (Novemeber only) = 2,750

    Instructions: Calculate the normal cost of the work in process inventory which was lost during the fire.


    The textbook also says that Direct Materials used = $95,732 and Manufacturing overhead applied = $36,550. Im not sure where those numbers come from or how to get them. Any help on this would be great. Thanks
    Last edited by Hockey_Guy14; May 13th 2010 at 09:51 AM.
    Follow Math Help Forum on Facebook and Google+

  2. #2
    MHF Contributor
    Joined
    Dec 2007
    From
    Ottawa, Canada
    Posts
    3,171
    Thanks
    72
    Quote Originally Posted by Hockey_Guy14 View Post
    Instructions: Calculate the normal cost of the work in process inventory which was lost during the fire.
    Fire?
    Follow Math Help Forum on Facebook and Google+

  3. #3
    Junior Member
    Joined
    Jan 2008
    Posts
    50
    The question is there was a fire at the company you work for. The work in process inventory was destroyed but both the finished goods and materials inventory were undamaged. Then they give you in the information and you gotta figure out what the amount was in the work in process inventory, which im not sure how to find.
    Follow Math Help Forum on Facebook and Google+

Similar Math Help Forum Discussions

  1. Formula for costing units
    Posted in the Advanced Statistics Forum
    Replies: 0
    Last Post: September 25th 2011, 01:20 PM
  2. Accounting - Activity Based Costing
    Posted in the Business Math Forum
    Replies: 1
    Last Post: May 18th 2010, 10:15 AM
  3. Accounting Help - Job Costing
    Posted in the Business Math Forum
    Replies: 0
    Last Post: May 11th 2010, 06:37 AM
  4. Accounting help please?
    Posted in the Business Math Forum
    Replies: 5
    Last Post: May 10th 2010, 06:08 AM
  5. Accounting: Variable costing blance sheet.
    Posted in the Business Math Forum
    Replies: 1
    Last Post: October 20th 2009, 09:24 PM

Search Tags


/mathhelpforum @mathhelpforum