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PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Raw Materials Dollar Amount Account Raw Materials Beginning Inventory Purchases Raw materials available for use Raw Materials Ending Inventory Direct Materials Used (transferred to WIP) 1,000 2,400

PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Raw Materials Dollar Amount Account Raw Materials Beginning Inventory Purchases Raw materials available for use Raw Materials Ending Inventory Direct Materials Used (transferred to WIP) 1,000 2,400

FINANCIAL ACCOUNTING
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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D Question 7 Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. Period 1: During the period, PDI purchased $4,000 of Iron Ore. At the end of the period. they had $2,400 of ore left in Raw Materials They used 120 hours of direct labor and incurred $12,000 of Factory Overhead. At the beginning of the period, PDI had $3,000 of costs in WIP and $2,400 of costs in Finished Goods. Prepare the Schedule of Raw Materials for PDI. Do not use dollar signs. Use whole numbers only (no decimal places)
Transcribed Image Text:D Question 7 Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. Period 1: During the period, PDI purchased $4,000 of Iron Ore. At the end of the period. they had $2,400 of ore left in Raw Materials They used 120 hours of direct labor and incurred $12,000 of Factory Overhead. At the beginning of the period, PDI had $3,000 of costs in WIP and $2,400 of costs in Finished Goods. Prepare the Schedule of Raw Materials for PDI. Do not use dollar signs. Use whole numbers only (no decimal places)
PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Raw Materials Dollar Amount Account Raw Materials Beginning Inventory Purchases Raw materials available for use Raw Materials Ending Inventory Direct Materials Used (transferred to WIP) 1,000 2,400
Transcribed Image Text:PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Raw Materials Dollar Amount Account Raw Materials Beginning Inventory Purchases Raw materials available for use Raw Materials Ending Inventory Direct Materials Used (transferred to WIP) 1,000 2,400
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