Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. Alex Company had the following inventories at the beginning and end of the month of January:Finished goodsWork-in-processJanuary 1 January 31$117,000$125,000Direct materials 134,000235,000Transportation-inDirect materials purchasedDirect laborThe following additional manufacturing data were available for the month of January:251,000124,000Purchase returns and allowances 1,000Actual factory overhead$189,0003,000300,000175,000Alex Company applies factory overhead at a rate of 60% of direct labor cost, and any overapplied or underapplied factoryoverhead is deferred until the end of the year, December 31.Alex Company's cost of goods manufactured for January was: Top of Form Alex Company applies factory overhead at a rate of 60% of direct labor cost, and any overapplied or underapplied factoryoverhead is deferred until the end of the year, December 31.Alex Company's cost of goods sold for January was:a. $691,000b.$673,000c. $697,000d. $681,000

Cost of goods sold = Opening finished goods + cost of goods manufactured - closing finished goods

Alex Company had the following inventories at the beginning and end of the month of January: Finished goods January 1 January 31 Work-in-process 235,000 $125,000 Direct materials 134,000 Direct materials purchased Transportation-in Purchase returns and allowances Direct labor The following additional manufacturing data were available for the month of January: $117,000 Actual factory overhead 251,000 124,000 $189,000 1,000 3,000 300,000 175,000 Alex Company applies factory overhead at a rate of 60% of direct labor cost, and any overapplied or underap overhead is deferred until the end of the year, December 31. Alex Company's cost of goods manufactured for January was: Top of Form

Alex Company had the following inventories at the beginning and end of the month of January: Finished goods January 1 January 31 Work-in-process 235,000 $125,000 Direct materials 134,000 Direct materials purchased Transportation-in Purchase returns and allowances Direct labor The following additional manufacturing data were available for the month of January: $117,000 Actual factory overhead 251,000 124,000 $189,000 1,000 3,000 300,000 175,000 Alex Company applies factory overhead at a rate of 60% of direct labor cost, and any overapplied or underap overhead is deferred until the end of the year, December 31. Alex Company's cost of goods manufactured for January was: Top of Form

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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