The following quarterly cost data has been accumulated for Oakeson Mfg. Inc: Raw materials beginning inventory (Jan. 1, 2008) Purchases 90 units @ $7.00 75 units @ $8.00 120 units @ $8.50 Transferred 195 units of raw materials to work in process: 53 units @ $14.00 $3,100 Work in process beginning inventory (Jan. 1, 2008) Direct labor Manufacturing overhead Work in process ending inventory (Mar. 31, 2008) $2,950 47 units @ $14.25 Oakeson uses the FIFO method for valuing raw materials inventories. Prepare a cost of goods manufactured schedule for Oakeson Mfg. Inc. for the quarter ended March 31, 2008.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
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Chapter4: Job Order Costing
Section: Chapter Questions
Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...
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The following quarterly cost data has been accumulated for Oakeson Mfg. Inc:
Raw materials beginning inventory (Jan. 1, 2008)
Purchases
90 units @ $7.00
75 units @ $8.00
120 units @ $8.50
Transferred 195 units of raw materials to work in process:
53 units @ $14.00
$3,100
Work in process beginning inventory (Jan. 1, 2008)
Direct labor
Manufacturing overhead
Work in process ending inventory (Mar. 31, 2008)
$2,950
47 units @ $14.25
Oakeson uses the FIFO method for valuing raw materials inventories. Prepare a
cost of goods manufactured schedule for Oakeson Mfg. Inc. for the quarter ended
March 31, 2008.
Transcribed Image Text:The following quarterly cost data has been accumulated for Oakeson Mfg. Inc: Raw materials beginning inventory (Jan. 1, 2008) Purchases 90 units @ $7.00 75 units @ $8.00 120 units @ $8.50 Transferred 195 units of raw materials to work in process: 53 units @ $14.00 $3,100 Work in process beginning inventory (Jan. 1, 2008) Direct labor Manufacturing overhead Work in process ending inventory (Mar. 31, 2008) $2,950 47 units @ $14.25 Oakeson uses the FIFO method for valuing raw materials inventories. Prepare a cost of goods manufactured schedule for Oakeson Mfg. Inc. for the quarter ended March 31, 2008.
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