Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Raw materials
Beginning inventory
$344
Purchases
1,533
Materials available for use
Ending inventory
322
Materials used in production $
Work in process inventory
Beginning inventory
$934
Materials used in production
Direct labor
1,536
Overhead applied
Manufacturing costs incurred
$22,457
Ending inventory
936
Cost of goods manufactured $
Finished goods inventory
Beginning inventory
Cost of goods manufactured
Goods available for sale
$25,016
Ending inventory
Cost of goods sold
$21,801
Expert Solution
Step 1
This problem can be solved by using the following formulas:
1. Material used in production(raw material)= Beginning inventory + Purchases Ending inventory
2. Cost of goods manufactured= Beginning inventory + Material used in production +Direct labour + Overheads applied Ending inventory
3. Cost of goods sold= Beginning inventory(finished goods) + Cost of goods manufactured Ending inventory(finished goods)
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