SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
SurfsUp Specialty Products has the following inventory account balances and related manufacturing cost flow information for the month of October: Raw Materials, October 1 $ 20,000 Raw Materials, October 31 $ 25,000 Work in Process, October 1 $ 45,000 Work in Process, October 31 $ 40,000 Finished Goods, October 1 $ 68,000 Finished Goods, October 31 $ 62,000 Raw materials purchased ? Raw materials used $ 75,000 Direct labor incurred ? Manufacturing overhead incurred $ 120,000 Cost of goods manufactured $ 300,000 Cost of goods sold ? Direct labor incurred in October is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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SurfsUp Specialty Products has the following inventory account balances and related
|
Raw Materials, October 1 |
$ |
20,000 |
|
|
Raw Materials, October 31 |
$ |
25,000 |
|
|
Work in Process, October 1 |
$ |
45,000 |
|
|
Work in Process, October 31 |
$ |
40,000 |
|
|
Finished Goods, October 1 |
$ |
68,000 |
|
|
Finished Goods, October 31 |
$ |
62,000 |
|
|
Raw materials purchased |
|
? |
|
|
Raw materials used |
$ |
75,000 |
|
|
Direct labor incurred |
|
? |
|
|
Manufacturing |
$ |
120,000 |
|
|
Cost of goods manufactured |
$ |
300,000 |
|
|
Cost of goods sold |
|
? |
|
Direct labor incurred in October is:
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