# (Solved Homework): Cornerstones Of Cost Management Exercise 2.14 Questions 3-5 Calculate the missing values for each independent situations:…

Cornerstones Of Cost Management Exercise 2.14 Questions 3-5 Calculate the missing values for each independent situations:

3. Beginning work in progress (WIP) was \$116,000, and ending WIP was \$117,300. If total manufacturing costs were \$349,000, what was the cost of goods manufactured?

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4. If the conversion cost is \$84 per unit, the prime cost is \$55 and the manufacturing cost per unit is \$105, what is the direct materials cost per unit?

5. Total manufactureing costs for August were \$412,000. Prime cost was \$64,000 and beginning WIP was \$76,000. The costs of goods manufactured was \$434,000. Calculate the cost of overhead for August and the cost of WIP.

3) Beginning work in progress (WIP) was \$116,000, and ending WIP was \$117,300. If total manufacturing costs were \$349,000, what was the cost of goods manufactured?

Solution: \$347,700

Working:

Cost of goods manufactured = \$349,000 + \$116,000 – \$117,300 = \$347,700

4) If the conversion cost is \$84 per unit, the prime cost is \$55 and the manufacturing cost per unit is \$105, what is the direct materials cost per unit

Solution: \$21

Working:

Prime cost = Direct materials + Direct labor

\$55 = Direct materials + Direct labor

Direct materials = \$55 – Direct labor

Now,

Conversion cost = Direct labor + Overhead Overhead

\$84 = Conversion cost = Direct labor + Overhead Overhead

Overhead = \$84 – Direct labor

As, Product cost = (\$55 – Direct labor) + Direct labor + (\$84 – Direct labor) = \$105

or, Direct labor = \$34

Direct materials + Direct labor = \$55

Inputting values, we get Direct materials + \$34 = \$55

Direct materials = \$21

5) Total manufactureing costs for August were \$412,000. Prime cost was \$64,000 and beginning WIP was \$76,000. The costs of goods manufactured was \$434,000. Calculate the cost of overhead for August and the cost of WIP

Solution: \$348,000 and \$54,000

Working:

Cost of goods manufactured = Total manufacturing costs + BWIP – EWIP

\$434,000 = \$412,000 + \$76,000 – EWIP

EWIP = \$54,000

Total manufacturing costs = Prime cost + Overhead

\$412,000 = \$64,000 + Overhead

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