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: Direct material inventory Beginning Ending $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: Direct material inventory Beginning Ending $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
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
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
QUESTION:
Given below is the manufacturing data:
Direct material inventory
Beginning Ending
$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
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education