Compute the amount of raw materials used during July if $34,000 of raw materials were purchased during the month and the inventories were as follows: Inventories Raw materials Balance July 1 Balance July 31 $5,600 Work in process $18,500 Finished goods $24,000 a. $35,700 b. $32,300 $3,900 $21,200 $16,800 c. $28,400 d. $35,100

Compute the amount of raw materials used during July if $34,000 of raw materials were purchased during the month and the inventories were as follows: Inventories Raw materials Balance July 1 Balance July 31 $5,600 Work in process $18,500 Finished goods $24,000 a. $35,700 b. $32,300 $3,900 $21,200 $16,800 c. $28,400 d. $35,100

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter26: Manufacturing Accounting: The Job Order Cost System

Section: Chapter Questions

Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...

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SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Sanchez Welding and Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 20,500 Materials inventory, January 1 11,000 Materials purchases 12,000 Materials inventory, December 31 13,000 Direct labor 9,500 Overhead 5,500 Work in process, December 31 10,500
Recording materials transactions Prepare a journal entry to record each of the following materials transactions: a. Total materials purchased on account during the month amounted to 200,000. b. Direct materials requisitioned for the month totaled 175,000. c. Indirect materials requisitioned during the month totaled 12,000. d. Direct materials returned to the storeroom from the factory amounted to 2,500. e. Total materials returned to vendor during the month amounted to 1,800. f. Payment during the month for materials purchased on account totaled 165,000.
Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant: During July, the direct labor cost was 43,500, raw materials purchases were 64,000, and the total overhead cost was 108,750. The inventories at the end of July were: Required: 1. What is the cost of the direct materials used in production during July? 2. What is the cost of goods manufactured for July? 3. What is the cost of goods sold for July?
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