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
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
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter26: Manufacturing Accounting: The Job Order Cost System
Section: Chapter Questions
Problem 2SEA: SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin...
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![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fdcf93129-5f30-4172-8881-e19314ff779a%2F2b151bf5-0307-4d45-9acd-3a557950cabe%2Fn6xn8nh_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
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