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The controller at Everest Components Ltd. asks for your help in sorting out some cost information. She is called to a meeting but hands you the following information for October: Description Amount Prime costs, October $202,000 Total manufacturing costs, October $315,000 Cost of goods manufactured, October $320,000 Cost of goods sold, October $287,000 Direct material inventory, October 31 $42,000 Work-in-process inventory, October 1 $51,000 Finished goods inventory, October 31 $118,000 Direct materials purchased $139,000 Direct labor costs, October $104,000 Compute for the month of October: a. Direct materials used b. Direct material inventory, October 1

The controller at Everest Components Ltd. asks for your help in sorting out some cost information. She is called to a meeting but hands you the following information for October: Description Amount Prime costs, October $202,000 Total manufacturing costs, October $315,000 Cost of goods manufactured, October $320,000 Cost of goods sold, October $287,000 Direct material inventory, October 31 $42,000 Work-in-process inventory, October 1 $51,000 Finished goods inventory, October 31 $118,000 Direct materials purchased $139,000 Direct labor costs, October $104,000 Compute for the month of October: a. Direct materials used b. Direct material inventory, October 1

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 4E: The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the...
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The controller at Everest Components Ltd. asks for your help in sorting out some cost information. She is called to a meeting but hands you the following information for October: Description Amount Prime costs, October $202,000 Total manufacturing costs, October $315,000 Cost of goods manufactured, October $320,000 Cost of goods sold, October $287,000 Direct material inventory, October 31 $42,000 Work-in-process inventory, October 1 $51,000 Finished goods inventory, October 31 $118,000 Direct materials purchased $139,000 Direct labor costs, October $104,000 Compute for the month of October: a. Direct materials used b. Direct material inventory, October 1
Transcribed Image Text:The controller at Everest Components Ltd. asks for your help in sorting out some cost information. She is called to a meeting but hands you the following information for October: Description Amount Prime costs, October $202,000 Total manufacturing costs, October $315,000 Cost of goods manufactured, October $320,000 Cost of goods sold, October $287,000 Direct material inventory, October 31 $42,000 Work-in-process inventory, October 1 $51,000 Finished goods inventory, October 31 $118,000 Direct materials purchased $139,000 Direct labor costs, October $104,000 Compute for the month of October: a. Direct materials used b. Direct material inventory, October 1
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