The controller at Bethune Chemicals asks for your help in sorting out some cost information. You receive the following sheet for the most recent year: Cost of goods manufactured Cost of goods sold Direct labor costs Direct materials inventory, December 31 Direct materials purchased Finished goods inventory, December 31 Prime costs for the year Total manufacturing costs Work-in-process inventory, January 11 Required: Compute: a. Direct materials used. b. Direct materials inventory, January 1. c. Conversion costs. d. Work-in-process inventory, December 31. e. Manufacturing overhead. 1. Finished goods inventory, January 1. a. Direct materials used b. Direct materials inventory c. Conversion costs d. Work-in-process inventory e. Manufacturing overhead f. Finished goods inventory $ 906,000 727,400 184,000 52,000 263,200 236,400 466,600 914,400 26,200

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
The controller at Bethune Chemicals asks for your help in sorting out some cost information. You receive the following sheet for the
most recent year:
Cost of goods manufactured
Cost of goods sold
Direct labor costs
Direct materials inventory, December 31
Direct materials purchased
Finished goods inventory, December 31
Prime costs for the year
Total manufacturing costs
Work-in-process inventory, January 11
Required:
Compute:
a. Direct materials used.
b. Direct materials inventory, January 1.
c. Conversion costs.
d. Work-in-process inventory, December 31.
e. Manufacturing overhead.
1. Finished goods inventory, January 1.
a. Direct materials used
b. Direct materials inventory
c. Conversion costs
d. Work-in-process inventory
e. Manufacturing overhead
f. Finished goods inventory
$ 906,000
727,400
184,000
52,000
263,200
236,400
466,600
914,400
26,200
Transcribed Image Text:The controller at Bethune Chemicals asks for your help in sorting out some cost information. You receive the following sheet for the most recent year: Cost of goods manufactured Cost of goods sold Direct labor costs Direct materials inventory, December 31 Direct materials purchased Finished goods inventory, December 31 Prime costs for the year Total manufacturing costs Work-in-process inventory, January 11 Required: Compute: a. Direct materials used. b. Direct materials inventory, January 1. c. Conversion costs. d. Work-in-process inventory, December 31. e. Manufacturing overhead. 1. Finished goods inventory, January 1. a. Direct materials used b. Direct materials inventory c. Conversion costs d. Work-in-process inventory e. Manufacturing overhead f. Finished goods inventory $ 906,000 727,400 184,000 52,000 263,200 236,400 466,600 914,400 26,200
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education