The following information is available for RUST Enterprises: Finished Goods Inventory: Beginning $25,000; Ending $30,000; Direct Materials Inventory: Beginning: $12,000; Ending $8,000; Work in Process Inventory: Beginning $18,000; Ending $21,000. Net Purchases of Direct Materials $140,000; Direct Labor Cost $80,000; Manufacturing Overhead 75% of Direct Labor Cost (ignore overallocated or underallocated overhead). For blank one, calculate Direct Materials Used (or Direct Materials Cost). For blank two, calculate Cost of Goods Manufactured. Blank # 1 Blank # 2
The following information is available for RUST Enterprises: Finished Goods Inventory: Beginning $25,000; Ending $30,000; Direct Materials Inventory: Beginning: $12,000; Ending $8,000; Work in Process Inventory: Beginning $18,000; Ending $21,000. Net Purchases of Direct Materials $140,000; Direct Labor Cost $80,000; Manufacturing Overhead 75% of Direct Labor Cost (ignore overallocated or underallocated overhead). For blank one, calculate Direct Materials Used (or Direct Materials Cost). For blank two, calculate Cost of Goods Manufactured. Blank # 1 Blank # 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following information is available for RUST Enterprises: Finished Goods
Inventory: Beginning $25,000; Ending $30,000; Direct Materials Inventory:
Beginning: $12,000; Ending $8,000; Work in Process Inventory: Beginning $18,0003;
Ending $21,000. Net Purchases of Direct Materials $140,000; Direct Labor Cost
$80,000; Manufacturing Overhead 75% of Direct Labor Cost (ignore overallocated or
underallocated overhead). For blank one, calculate Direct Materials Used (or Direct
Materials Cost). For blank two, calculate Cost of Goods Manufactured.
Blank # 1
Blank # 2
Transcribed Image Text:For April, sales in dollars for CALF Enterprises were expected to be $120,000 and for
May, they were expected to be $125,000. Cost of goods sold are budgeted at 60%
of sales. Beginning inventory for April was $21,000 and desired ending inventory
was to be $3000 plus 15% of sales for the FOLLOWING month. How much would
desired ending inventory equal for the month of April.
A/
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