3. Manufacturing costs. Last month, Hulse Company put into process $60,000 of materials. The Grinding Department used 8,000 labor hours at $5.60 per hour, and the Machining Department used 4,600 hours at a cost of $6 per hour. Factory overhead is appliad at a rate of $6 per labor hour in the Grinding Department and $8 per labor hour in the Machining Department. Inventory accounts had the following beginning and ending Salancas: Beginning- Finished goods.... Work in procass. Materials.. $22,000 15,000 20,000 Ending $17,000 17,600 18,000 ... ...... Required: Without preparing a formal income statement, compute the following (1) Total cost of work put into process. (2) Cost of goods manufactured. (3) Cost of goods sold. (4) Conversion cost. (5) Cost of materials purchased.

3. Manufacturing costs. Last month, Hulse Company put into process $60,000 of materials. The Grinding Department used 8,000 labor hours at $5.60 per hour, and the Machining Department used 4,600 hours at a cost of $6 per hour. Factory overhead is appliad at a rate of $6 per labor hour in the Grinding Department and $8 per labor hour in the Machining Department. Inventory accounts had the following beginning and ending Salancas: Beginning- Finished goods.... Work in procass. Materials.. $22,000 15,000 20,000 Ending $17,000 17,600 18,000 ... ...... Required: Without preparing a formal income statement, compute the following (1) Total cost of work put into process. (2) Cost of goods manufactured. (3) Cost of goods sold. (4) Conversion cost. (5) Cost of materials purchased.

Name: 3." Manufacturing costs. Last month, Hulse Company put into process $
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Description: 3." Manufacturing costs. Last month, Hulse Company put into process $60,000 ofmaterials. The Grinding Department used 8,000 labor hours at $5.60 per hour, and theMachining Department used 4,600 hours at a cost of $6 per hour. Factory overhead isappl

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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