The total manufacturing cost for January
Running Head: ACCOUNTING 1
ACCOUNTING 8
Title: ACCOUNTING
Student’s Name:
Institution:
Exercise 3-23
1. Manufacturer of swimming pool chemicals- Process costing
2. Manufacturer of custom hot tubs and spas- Job posting
3. Architectural firm- Job posting
4. Manufacturer of ceramic tile- Process costing
5. Producer of yogurt- Process costing
6. Manufacturer of custom tool sheds- Job posting
7. Manufacturer of papers clips- Process costing
8. Engineering consulting firm- Job posting
9. Manufacturer of balloons- Process costing
10. Manufacturer of custom emergency rescue vehicles- Process costing
Exercise 3-27
Compute the following
1. The company’s prime cost for January
2. The total manufacturing cost for January
3. The cost of goods manufactured for January
4. The cost of goods sold for January
5. The balance in the manufacturing overhead account on January 31. Debit or credit?
Prime cost= direct labor cost + direct material cost
Total manufacturing cost= Prime cost+ Manufacturing overhead cost
Cost of goods manufactured= Total manufacturing cost + Beginning WIP Inventory- Ending WIP Inventory
Cost of goods sold= Cost of goods manufactured + Beginning Finished Goods Inventory- Ending Finished Goods Inventory