The following selected information was extracted from the 20x3 accounting records of Farrina Products:

*Seventy percent of the company's building was devoted to production activities; the remaining 30% was used for selling and administrative functions.
Farrina's beginning and ending work-in-process inventories amounted to $306,000 and $245,000, respectively. The company's beginning and ending finished-goods inventories were $450,000 and $440,000, respectively.
A. Calculate Farrina's manufacturing overhead for the year.
B. Calculate Farrina's cost of goods manufactured.
C. Compute Farrina's cost of goods sold.

Question

The following selected information was extracted from the 20x3 accounting records of Farrina Products:
  
*Seventy percent of the company's building was devoted to production activities; the remaining 30% was used for selling and administrative functions.
Farrina's beginning and ending work-in-process inventories amounted to $306,000 and $245,000, respectively. The company's beginning and ending finished-goods inventories were $450,000 and $440,000, respectively. 
A. Calculate Farrina's manufacturing overhead for the year.
B. Calculate Farrina's cost of goods manufactured.
C. Compute Farrina's cost of goods sold.

Quizplus · Accepted Answer

The Answer of The following selected information was extracted from the 20x3 accounting records of Farrina Products:
  
*Seventy percent of the company's building was devoted to production activities; the remaining 30% was used for selling and administrative functions.
Farrina's beginning and ending work-in-process inventories amounted to $306,000 and $245,000, respectively. The company's beginning and ending finished-goods inventories were $450,000 and $440,000, respectively. 
A. Calculate Farrina's manufacturing overhead for the year.
B. Calculate Farrina's cost of goods manufactured.
C. Compute Farrina's cost of goods sold.

The Following Selected Information Was Extracted from the 20x3 Accounting