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7 Direct material purchases 8 Finished goods inventory, July 1 9 Finished goods inventory, June 30 10 Manufacturing overhead 11 Sales revenue 12 Work-in-process inventory, June 30 12 Required Find the following amounts. a. Direct materials used for the year. Gross margin for the year. b. C. Total manufacturing costs for the year. d. Work-in-process inventory, July 1. 565 490 314 680 5,050 51

7 Direct material purchases 8 Finished goods inventory, July 1 9 Finished goods inventory, June 30 10 Manufacturing overhead 11 Sales revenue 12 Work-in-process inventory, June 30 12 Required Find the following amounts. a. Direct materials used for the year. Gross margin for the year. b. C. Total manufacturing costs for the year. d. Work-in-process inventory, July 1. 565 490 314 680 5,050 51

FINANCIAL ACCOUNTING
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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2-48. Basic Concepts The following data refer to the most recent fiscal year for Sterritt Company. Amounts are in thou- sands of dollars. A 1 2 Cost of goods manufactured for the year 3 Cost of goods sold 4 Direct labor 5 Direct materials inventory, July 1 6 Direct materials inventory, June 30 7 Direct material purchases 8 Finished goods inventory, July 1 9 Finished goods inventory, June 30 10 Manufacturing overhead 11 Sales revenue 12 Work-in-process inventory, June 30 12 Required Find the following amounts. a. Direct materials used for the year. b. Gross margin for the year. C. Total manufacturing costs for the year. Work-in-process inventory, July 1. d. B ($000) $2,800 3,250 1,170 205 213 565 490 314 680 5,050 51 (LO 2-1, 2)
Transcribed Image Text:2-48. Basic Concepts The following data refer to the most recent fiscal year for Sterritt Company. Amounts are in thou- sands of dollars. A 1 2 Cost of goods manufactured for the year 3 Cost of goods sold 4 Direct labor 5 Direct materials inventory, July 1 6 Direct materials inventory, June 30 7 Direct material purchases 8 Finished goods inventory, July 1 9 Finished goods inventory, June 30 10 Manufacturing overhead 11 Sales revenue 12 Work-in-process inventory, June 30 12 Required Find the following amounts. a. Direct materials used for the year. b. Gross margin for the year. C. Total manufacturing costs for the year. Work-in-process inventory, July 1. d. B ($000) $2,800 3,250 1,170 205 213 565 490 314 680 5,050 51 (LO 2-1, 2)
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