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Weigant Assignment

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Submitted By dbon
Words 406
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BYP1-2
Instructions:
With the class divided into groups, determine the amount of cost in the Raw Materials, Work in Process, and Finished Goods inventory accounts as of the date of the tornado.
Wendall Company
Cost of Goods Manufactured Schedule
For the Year Ended July 31, 2014

Work in Process, July 1 | | | $ 25,000 | | Direct Materials | | | | | Raw materials inventory, July 1 | $ 19, 000 | | | | Raw materials purchased | $ 365,000 | | | | Total raw materials available for use | $ 384,000 | | | | Less: Raw material inventory, July 31 | $ 34,000 | | | | Direct material used | | $ 350,000 | | | Direct Labor | | $ 250,000 | | | Manufacturing overhead | | $ 150,000 | | | Total Manufacturing cost | | | $ 750,000 | | Total cost of work in process | | | $ 775,000 | | Less: Work in process, July 31 | | | $ 43,000 | | Cost of Good Manufactured | | | $ 732,000 | | | | | | |

Cost of Raw Material = $ 35,000 Cost of Work in Process = $ 43,000 COGM = COGAFS – FG (June 30) = 770,000 – 38,000 = $ 732,000 COGS = Sale – COGS Sale 0.4 = 1,240,000 – COGS 1,240,000 Cost of Finished Good Inventory Account
= COGAFS – FG (July 31) = COGS
= 770,000 – FG (July 31) = $ 744,000
= FG (July 31) = 770,00 – 744,000 = $ 26,000

BYP1-4
Instructions: What factors affect the cost of products sold at Anchor Glass Container Corporation?

The factors affect the costs of products sold at Anchor Glass Container Corporation are direct materials, direct labor and manufacturing overhead. An increase of costs of products in likely due to the current year events as follow: a) Operational problems at a major furnace. This

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