w year-end in Balances: Direct Materials Work-in-Process Inventory Finished Goods Inventory Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries Repairs and maintenance-plant Indirect labor Beginning Ending prepare a sch ct cost if Davis 58,000 30,000 67,000 48,000 101,000 information to 46,000 Sche $ 20,000 159,000 22,000 43,000 11,000 30,000 or enter any nu Print Done We were unable to transcribe this imageRequirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Davis manufactured 2,160 lamps for the year? Direct Materials Used Direct Materials Used Manufacturing Overhead: Choose from any list or enter any number in the input fields and then click Check Answer. 1 part remaining Clear Al We were unable to transcribe this image2. What is the unit product cost if Davis manufactured 2,160 lamps for the year? Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured Choose from any list or enter any number in the input fields and then click Check Answer. part ining ■ Clear All DIl

Solution 1: Davis, Corp. Schedule of cost of goods manufactured Year ended December 31, 2018 Work in process inventory, Beginning $1,01,000 Direct Materials used: Direct Materials inventory, Beginning $58,000 Add: Purchases of Materials $1,59,000 Cost of material available for use $2,17,000 Less: Direct Material Inventory, Ending $30,000 Direct material used $1,87,000 Direct Labor cost $0 Manufacturing Overhead: Indirect Labor $30,000 Depreciation, Plant building and Equipment $20,000 Insurance on plant $22,000 Repair and Maintenance - Plant $11,000 Total Manufacturing Overhead $83,000 Total Manufacturing Costs Incurred during the year $2,70,000 Total Manufacturing Costs to account for $3,71,000 Less: Work in process inventory, ending $67,000 Cost of goods manufactured $3,04,000 Note: Since direct labor cost is not given in question, therefore, considered as $0. Solution 2: Unit Product cost = Cost of Goods manufactured / Lamps Manufactured = $304,000 / 2160 = $140.74 (rounded to 2 decimals)..

W year-end in Balances: Direct Materials Work-in-Proc…

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Solution 1:

Davis, Corp.
Schedule of cost of goods manufactured
Year ended December 31, 2018
Work in process inventory, Beginning			$1,01,000
Direct Materials used:
Direct Materials inventory, Beginning	$58,000
Add: Purchases of Materials	$1,59,000
Cost of material available for use	$2,17,000
Less: Direct Material Inventory, Ending	$30,000
Direct material used		$1,87,000
Direct Labor cost		$0
Manufacturing Overhead:
Indirect Labor	$30,000
Depreciation, Plant building and Equipment	$20,000
Insurance on plant	$22,000
Repair and Maintenance - Plant	$11,000
Total Manufacturing Overhead		$83,000
Total Manufacturing Costs Incurred during the year			$2,70,000
Total Manufacturing Costs to account for			$3,71,000
Less: Work in process inventory, ending			$67,000
Cost of goods manufactured			$3,04,000

Note: Since direct labor cost is not given in question, therefore, considered as $0.

Solution 2:

Unit Product cost = Cost of Goods manufactured / Lamps Manufactured = $304,000 / 2160 = $140.74 (rounded to 2 decimals).

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