The following chart shows how costs flow through a business as a product is manufactured. All boxes in the chart show cost amounts. Compute the cost amounts for the boxes that contain question marks. Materials Activity Raw materials purchases $548,000 Raw materlals Inventory, beginning $149,500 Raw materials avallable Raw materials for use In production Inventory, ending $183,000 Direct materials used in production $4 Production Activity Direct labor used in production $366,000 Factory overhead used in production $766,000 Work In process Total work in Work In process Inventory, ending Inventory, beginning process $88,500 $4 Cost of goods manufactured $1,597,500 Sales Activity Finished goods Cost of goods avallable for sale Finished goods Inventory, ending Inventory, beginning 2$ $1,742,250 $140,350 Cost of goods sold 2$
The following chart shows how costs flow through a business as a product is manufactured. All boxes in the chart show cost amounts. Compute the cost amounts for the boxes that contain question marks. Materials Activity Raw materials purchases $548,000 Raw materlals Inventory, beginning $149,500 Raw materials avallable Raw materials for use In production Inventory, ending $183,000 Direct materials used in production $4 Production Activity Direct labor used in production $366,000 Factory overhead used in production $766,000 Work In process Total work in Work In process Inventory, ending Inventory, beginning process $88,500 $4 Cost of goods manufactured $1,597,500 Sales Activity Finished goods Cost of goods avallable for sale Finished goods Inventory, ending Inventory, beginning 2$ $1,742,250 $140,350 Cost of goods sold 2$
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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