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# Hello, Hello, Sorry I submitted this question earlier but one of my figures was incorrect. My error. Buck and Company incurred the following costs during August:

Hello,

Hello,  Sorry I submitted this question earlier but one of my figures was incorrect.  My error.

Buck and Company incurred the following costs during August:

 Raw materials purchased \$41,440 Direct labor (\$13.6 per hour) 60,384 Manufacturing overhead (actual) 90,420 Selling expenses 31,890 Administrative expenses 14,070 Interest expense 6,112

Manufacturing overhead is applied on the basis of \$20 per direct labor hour.  Assume that overapplied or underapplied overhead is transferred to the cost of goods sold only at the end of the year.  During the month, 4120 units of product were manufactured and 4,400 units of product were sold.  On August 1 and August 31, Buck and Company carried the following inventory balances.

 August 1 August 31 Raw materials \$19,000 \$17,800 Work in progress 53,000 56,000 Finished goods 40,100 27,267

Question a-1: Prepare a statement of costs of goods manufactured for the month of August.  (Amounts to be deducted should be indicated by a minus sign).

Buck and Company

Statement of Goods manufactured for the month of August.

 Raw Materials Purchases during August 41,440 Raw materials inventory August 1 19,000 Raw materials available for use 60,440 Less: Raw materials inventory August 31 (for some reason, the homework software says 17,800 is not correct)??? Cost of raw materials used ??? Direct labor cost incurred 60,384 Manufacturing overhead applied 88,800 Total Manufacturing costs, August ??? Add: Work in Progress August 1 53,000 Less: Work in Progress August 31 (for some reason, the homework software says 56,000 is not correct)??? Cost of Goods manufactured, August ???

a-2: calculate the average cost per product manufactured.  (Round your answer to 2 decimal places.

b. Calculate the cost of goods sold during August.

Thanks..

Sep 07 2020 View more View Less