Answered Essay: Incomplete manufacturing cost data for Horizon Company for 2017 are presented as follows for four diff

Exercise 1-11 Incomplete manufacturing cost data for Horizon Company for 2017 are presented as follows for four different situations Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Work in ProcesS Work in Process 12/31 Total Manufacturing Manufacturing Cost of Goods Manufactured Overhead $87,000 132,000 Costs (1)$117,000 $33,000 (b)$360,000 $140,000 200,000 100,000 450,000 265,000 288,000 40,000 470,000 80,000 60,000 80,000 70,000 75,000 45,000 270,000 Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2017. HORIZON COMPANY Cost of Goods Manufactured Schedule

Incomplete manufacturing cost data for Horizon Company for 2017 are presented as follows for four different situations. Indicate the missing amount for each letter. Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2017.

Expert Answer

 

1) PREPARE CONDENSED COST OF GOODS MANUFACTURED FOR SITUATION (1) :

Beginning work in process 33000
DIrect material 117000
Direct labour 140000
Manufacturing overhead 87000
Total manufacturing cost (A) 344000
Total cost of work in process 377000
Less : Ending work in process (B) (17000)
Cost of goods manufactured 360000
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