The following partially complete T-accounts for the month of June along with additional information are from Renfrew & Company: Finished Goods Inventory Debit Credit Materials Inventory Debit BB (6/1) 46,000 182,000 Credit Debit 151,000 Cost of Goods Sold Credit Additional information for June follows: Work-in-Process Inventory Credit Debit BB (6/1) 67,000 Manufacturing Overhead Control Debit Credit 119,000 • Manufacturing overhead is applied at 90 percent of direct labor cost. • Direct labor-hours recorded on jobs in June totaled 4,040. • This company uses no indirect materials or supplies. • Any products returned by customers are discarded and not resold. . During the month, sales revenue was $386,000, and selling and administrative costs were $74,000. • The labor wage rate was $25 per hour. Required: a. What cost amount of direct materials was issued to production during June? b. How much manufacturing overhead was applied to products during June? c. What was the cost of products completed during June? BB (6/1) 122,000 269,000 oond of June? 164,000 Applied Manufacturing Overhead Debit Credit

The following partially complete T-accounts for the month of June along with additional information are from Renfrew & Company: Finished Goods Inventory Debit Credit Materials Inventory Debit BB (6/1) 46,000 182,000 Credit Debit 151,000 Cost of Goods Sold Credit Additional information for June follows: Work-in-Process Inventory Credit Debit BB (6/1) 67,000 Manufacturing Overhead Control Debit Credit 119,000 • Manufacturing overhead is applied at 90 percent of direct labor cost. • Direct labor-hours recorded on jobs in June totaled 4,040. • This company uses no indirect materials or supplies. • Any products returned by customers are discarded and not resold. . During the month, sales revenue was $386,000, and selling and administrative costs were $74,000. • The labor wage rate was $25 per hour. Required: a. What cost amount of direct materials was issued to production during June? b. How much manufacturing overhead was applied to products during June? c. What was the cost of products completed during June? BB (6/1) 122,000 269,000 oond of June? 164,000 Applied Manufacturing Overhead Debit Credit

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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