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: Raw materials inventory Work-in-process inventory Finished goods inventory $40,000 21,000 23,200 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: Raw materials inventory Work-in-process inventory Finished goods inventory $19,800 32,500 22,100 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?
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: Raw materials inventory Work-in-process inventory Finished goods inventory $40,000 21,000 23,200 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: Raw materials inventory Work-in-process inventory Finished goods inventory $19,800 32,500 22,100 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
requirement
Show your working
Transcribed Image Text: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:
Raw materials inventory
Work-in-process inventory
Finished goods inventory
$40,000
21,000
23,200
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:
Raw materials inventory
Work-in-process inventory
Finished goods inventory
$19,800
32,500
22,100
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?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education