Chavez Corporation reported the following data for the month of July:Inventories:Raw materialsWork in processFinished goodsAdditional information:Raw materials purchasesDirect labor costBeginning Ending$40,000 $36,500$22,500 $30,000$38,500 $53,500$72,500$97,500$65,500Manufacturing overhead cost incurredIndirect materials included in manufacturing overhead costincurredManufacturing overhead cost applied to Work in ProcessAny underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.The cost of goods manufactured for July is:$10,600$64,500 O$219,900$239,400$238,400$227,400

An under applied or over applied manufacturing overhead means that the overhead amount applied in…

Answered: cost of goods manufactured

Business

Accounting

cost of goods manufactured

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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Question

Chavez Corporation reported the following data for the month of July:
Inventories:
Raw materials
Work in process
Finished goods
Additional information:
Raw materials purchases
Direct labor cost
Beginning Ending
$40,000 $36,500
$22,500 $30,000
$38,500 $53,500
$72,500
$97,500
$65,500
Manufacturing overhead cost incurred
Indirect materials included in manufacturing overhead cost
incurred
Manufacturing overhead cost applied to Work in Process
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
The cost of goods manufactured for July is:
$10,600
$64,500

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