Direct Materials Used, Cost of Goods ManufacturedIn September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month.Information on inventories was as follows:MaterialsWork in processFinished goodsRequired:September 1 September 30$120,00080,00070,000$130,00090,00065,000Download Excel spreadsheet1. What was the cost of direct materials used in September?2. What was the total manufacturing cost in September?3. What was the cost of goods manufactured for September?4. Assume that Lauren Ashley Company's monthly incurred direct labor cost increased by 25% and total overhead costs decreased by 20%. Using Excel (or some otherspreadsheet software tool), calculate Lauren Ashely's new cost of goods manufactured that results from the changes in direct labor cost and overhead costs.Even for a relatively simple exercise, this requirement illustrates the time and effort savings of utilizing technology in setting up and solving formulas as typicallyin management accounting data analytic settings.

The manufacturing costs comprise direct materials, direct labor and overhead costs. The cost of…

In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: Materials September 1 September 30 $120,000 80,000 70,000 $130,000 90,000 65,000 Work in process Finished goods Required: Download Excel spreadsheet 1. What was the cost of direct materials used in September? 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured for September?

In September, Lauren Ashley Company purchased materials costing $200,000 and incurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows: Materials September 1 September 30 $120,000 80,000 70,000 $130,000 90,000 65,000 Work in process Finished goods Required: Download Excel spreadsheet 1. What was the cost of direct materials used in September? 2. What was the total manufacturing cost in September? 3. What was the cost of goods manufactured for September?

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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Using the attached Prepare a schedule of cost of goods manufactured.
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