The controller at Emporia Precision Parts asks for your help in sorting out some cost information. She is called to a meeting, but hands you the following information for June: Prime costs, June Total manufacturing costs, June $188,000 298,000 Cost of goods manufactured, June 300,000 Cost of goods sold, June Direct material inventory, June 30 Work-in-process inventory, June 1 Finished goods inventory, June 30 Direct materials purchased, June Direct labor costs, June Compute for the month of June: a. Direct materials used, June. b. Direct material inventory, June 1. 269,000 36,000 45,000 110,000 125,000 95,000

The controller at Emporia Precision Parts asks for your help in sorting out some cost information. She is called to a meeting, but hands you the following information for June: Prime costs, June Total manufacturing costs, June $188,000 298,000 Cost of goods manufactured, June 300,000 Cost of goods sold, June Direct material inventory, June 30 Work-in-process inventory, June 1 Finished goods inventory, June 30 Direct materials purchased, June Direct labor costs, June Compute for the month of June: a. Direct materials used, June. b. Direct material inventory, June 1. 269,000 36,000 45,000 110,000 125,000 95,000

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.
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