View PoliciesCurrent Attempt in ProgressThe following T-accounts record the operations of Bonita Co.:Beginning BalanceEnding BalanceBeginning BalanceDirect MaterialDirect LaborOverheadEnding BalanceBeginning BalanceCOGMEnding BalanceDirect Materials29,00017,000?Work in Process37,000165,00028,00044,000?Finished Goods15,000Direct materials purchased??Costs of goods manufactured244,000(a) Calculate the amount of direct materials purchased during the period.644,000 COGS$?(b) Calculate the cost of goods manufactured during the period.LA$

Introduction:- Cost Accounting is a process of identification, classification, measurement, and…

Answered: (a) Calculate the amount of direct…

(a) Calculate the amount of direct materials purchased during the period. Direct materials purchased $ (b) Calculate the cost of goods manufactured during the period.

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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Concept explainers

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.

Question

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Current Attempt in Progress
The following T-accounts record the operations of Bonita Co.:
Beginning Balance
Ending Balance
Beginning Balance
Direct Material
Direct Labor
Overhead
Ending Balance
Beginning Balance
COGM
Ending Balance
Direct Materials
29,000
17,000
?
Work in Process
37,000
165,000
28,000
44,000
?
Finished Goods
15,000
Direct materials purchased
?
?
Costs of goods manufactured
244,000
(a) Calculate the amount of direct materials purchased during the period.
644,000 COGS
$
?
(b) Calculate the cost of goods manufactured during the period.
LA
$

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