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COST CONCEPTS

COST CONCEPTS. COST CLASSIFICATIONS. COST CLASSIFICATIONS. COST CLASSIFICATIONS. COST CLASSIFICATIONS. ANS.1. Total manufacturing cost: Prime cost $ 501,000 Factory overhead 175,000 Total manufacturing cost $676,000. ANS.2. Cost of goods manufactured:

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COST CONCEPTS

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  1. COST CONCEPTS

  2. COST CLASSIFICATIONS

  3. COST CLASSIFICATIONS

  4. COST CLASSIFICATIONS

  5. COST CLASSIFICATIONS

  6. ANS.1. Total manufacturing cost: Prime cost $501,000 Factory overhead 175,000 Total manufacturing cost $676,000

  7. ANS.2. Cost of goods manufactured: Work in process at January 1 $235,000 Total manufacturing cost 676,000 Work in process at January 31 (251,000) Cost of goods manufactured $660,000

  8. ANS.3. Cost of goods sold: Finished goods at January 1 $125,000 Cost of goods manufactured 660,000 Finished goods at January 31 (117,000) Cost of goods sold $668,000

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