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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Transcribed Image Text: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 materlals
purchases
$548,000
Raw materlals
Raw materlals avallable
Raw materlals
Inventory, beginning
$149,500
for use In production
2$
Inventory, ending
$183,000
Direct materials used
in production
Production Activity
Factory overhead
used in production
$766,000
Direct labor used
in production
$366,000
Work In process
Inventory, beginning
Total work in
Work In process
Inventory, ending
$
process
$88,500
24
Cost of goods
manufactured
$1,597,500
Sales Activity
Cost of goods
Finished goods
Inventory, beginning
Finished goods
Inventory, ending
avallable for sale
$1,742,250
$140,350
Cost of goods sold
24
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