The controller at Elton Manufacturing Solutions asks for your help in sorting out some cost information. She is called to a meeting, but hands you the following information for August: Prime costs, August Total manufacturing costs, August $273,000 $412,000 Cost of goods manufactured, August $425,000 Cost of goods sold, August Direct material inventory, August 31 Work-in-process inventory, August 1 $390,000 $47,500 $62,000 Finished goods inventory, August 31 $155,000 Direct materials purchased, August $179,000 Direct labor costs, August $137,000 Compute for the month of August: a. Direct materials used, August. b. Direct material inventory, August 1.

The controller at Elton Manufacturing Solutions asks for your help in sorting out some cost information. She is called to a meeting, but hands you the following information for August: Prime costs, August Total manufacturing costs, August $273,000 $412,000 Cost of goods manufactured, August $425,000 Cost of goods sold, August Direct material inventory, August 31 Work-in-process inventory, August 1 $390,000 $47,500 $62,000 Finished goods inventory, August 31 $155,000 Direct materials purchased, August $179,000 Direct labor costs, August $137,000 Compute for the month of August: a. Direct materials used, August. b. Direct material inventory, August 1.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter18: Pricing And Profitability Analysis

Section: Chapter Questions

Problem 3CE: Pattison Products, Inc., began operations in October and manufactured 40,000 units during the month...

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OReilly Manufacturing Co.s cost of goods sold for the month ended July 31 was 345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. No indirect materials were used during the period. Other information pertaining to OReillys inventories and production for July is as follows: Required: 1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information. Start by using cost of goods sold to solve for the cost of goods manufactured.) 2. Prepare a schedule to compute the prime cost incurred during July. 3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
Davis Co. uses backflush costing to account for its manufacturing costs. The trigger points are the purchase of materials, the completion of goods, and the sale of goods. Prepare journal entries to account for the following: a. Purchased raw materials, on account, 70,000. b. Requisitioned raw materials to production, 70,000. c. Distributed direct labor costs, 15,000. d. Factory overhead costs incurred, 45,000. (Use Various Credits for the account in the credit part of the entry.) e. Completed all of the production started. f. Sold the completed production for 195,000, on account. (Hint: Use a single account for raw materials and work in process.)
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Direct material and inventory used in August?
Compute the Direct material used in August
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Emporia precision parts asks for your help in sorting out some cost information.
Compute for the month of June
Compute the direct materials used
Sub: Accounting
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