The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials $? $25,000 Work in Process $65,000 $47,000 Finished Goods $60,000 $43,000 The cost of goods sold in August is: A. $75,000 B. $17,000 C. $135,000 D. Some other amount QUESTION: Given below is the manufacturing data: Beginning Ending Direct material inventory $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 PURCHASED DIRECT MATERIAL $300,000 DIRECT LABOR FACTORY OVERHEAD NET SALES PERIOD COST $170,000 $190,000 $1,000,000 $280,000 What is cost of goods manufactured? A. 640,000 B. 700,000 C. 820,000 D. Insufficient information to determine cost of goods manufactured E. None of all above
The following information has been taken from the perpetual inventory system of Elite Mfg Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production $60,000 $50,000 $25,000 Manufacturing overhead costs incurred (and applied) $35,000 Balances in inventory August 31 August 1 Materials $? $25,000 Work in Process $65,000 $47,000 Finished Goods $60,000 $43,000 The cost of goods sold in August is: A. $75,000 B. $17,000 C. $135,000 D. Some other amount QUESTION: Given below is the manufacturing data: Beginning Ending Direct material inventory $90,000 $110,000 Work-in progress inventory $180,000 $120,000 Finished goods inventory $300,000 $400,000 PURCHASED DIRECT MATERIAL $300,000 DIRECT LABOR FACTORY OVERHEAD NET SALES PERIOD COST $170,000 $190,000 $1,000,000 $280,000 What is cost of goods manufactured? A. 640,000 B. 700,000 C. 820,000 D. Insufficient information to determine cost of goods manufactured E. None of all above
Chapter1: Financial Statements And Business Decisions
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