Students please fillin areas that are shaded Student Name Co

Students please fill-in areas that are shaded Student Name Course Name Student ID: Date: Knight, Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2012: Endin Inventories Materials Work in process Finished goods Beginnin 56,000 103,000 41,000 23,000 63,000 48,000 Other information: Depreciation: plant building and equipment Materials purchases Insurance on plant Sales salaries expense Repairs and maintenance-plant Indirect labor Direct labor Administrative expenses $ 16,000 159,000 22,000 46,000 8,000 32,000 122,000 59,000

Solution

Answer:

(a)

Knight Corp.,

Schedule of Cost of Goods Manufactured

Year Ended December 31, 2014

Beginning Work-in-Process Inventory

$ 103,000

Direct Materials Used:

     Beginning Raw Material Inventory

$   56,000

     Purchases of Raw Material

    159,000

     Raw Material Available for Use

    215,000

     Ending Raw Material Inventory

    (23,000)

Direct Materials Used:

$ 192,000

Direct Labor

    122,000

Manufacturing Overhead:

     Depreciation - Plant building and Equipment

       16,000

     Insurance on Plant

       22,000

     Repairs and maintenance - Plant

         8,000

     Indirect Labor

       32,000

Total Manufacturing Overhead

       78,000

Total Manufacturing Cost Incurred during Year

    392,000

Total Manufacturing Cost to Accounts for

    495,000

Ending Work-in-Process Inventory

    (63,000)

Cost of Goods Manufactured

$ 432,000

(b)

Cost of Goods Manufactured

$   432,000

Divided by: Total Units Produced

      2,160

Unit Product Cost

$         200

Knight Corp.,
Schedule of Cost of Goods Manufactured
Year Ended December 31, 2014
Beginning Work-in-Process Inventory			$ 103,000
Direct Materials Used:
Beginning Raw Material Inventory	$   56,000
Purchases of Raw Material	159,000
Raw Material Available for Use	215,000
Ending Raw Material Inventory	(23,000)
Direct Materials Used:		$ 192,000
Direct Labor		122,000
Manufacturing Overhead:
Depreciation - Plant building and Equipment	16,000
Insurance on Plant	22,000
Repairs and maintenance - Plant	8,000
Indirect Labor	32,000
Total Manufacturing Overhead		78,000
Total Manufacturing Cost Incurred during Year			392,000
Total Manufacturing Cost to Accounts for			495,000
Ending Work-in-Process Inventory			(63,000)
Cost of Goods Manufactured			$ 432,000