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Requirement 1. Calculate the cost of direct materials inventory 3/31/2017. Data Table Direct materials inventory 3/1/2017 $ 90 Direct materials inventory 3/31/2017 Direct materials purchased 365 Direct materials used 370 Total manufacturing overhead costs 490 Variable manufacturing overhead costs 275 Total manufacturing costs incurred during March 2017 1,580 Work-in-process inventory 3/1/2017 215 Cost of goods manufactured 1,650 Finished goods inventory 3/1/2017 120 Cost of goods sold 1,770

Requirement 1. Calculate the cost of direct materials inventory 3/31/2017. Data Table Direct materials inventory 3/1/2017 $ 90 Direct materials inventory 3/31/2017 Direct materials purchased 365 Direct materials used 370 Total manufacturing overhead costs 490 Variable manufacturing overhead costs 275 Total manufacturing costs incurred during March 2017 1,580 Work-in-process inventory 3/1/2017 215 Cost of goods manufactured 1,650 Finished goods inventory 3/1/2017 120 Cost of goods sold 1,770

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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Requirement 1. Calculate the cost of direct materials inventory 3/31/2017. Data Table Direct materials inventory 3/1/2017 $ 90 Direct materials inventory 3/31/2017 Direct materials purchased 365 Direct materials used 370 Total manufacturing overhead costs 490 Variable manufacturing overhead costs 275 Total manufacturing costs incurred during March 2017 1,580 Work-in-process inventory 3/1/2017 215 Cost of goods manufactured 1,650 Finished goods inventory 3/1/2017 120 Cost of goods sold 1,770
Transcribed Image Text:Requirement 1. Calculate the cost of direct materials inventory 3/31/2017. Data Table Direct materials inventory 3/1/2017 $ 90 Direct materials inventory 3/31/2017 Direct materials purchased 365 Direct materials used 370 Total manufacturing overhead costs 490 Variable manufacturing overhead costs 275 Total manufacturing costs incurred during March 2017 1,580 Work-in-process inventory 3/1/2017 215 Cost of goods manufactured 1,650 Finished goods inventory 3/1/2017 120 Cost of goods sold 1,770
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