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.
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 Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 3P: On December 1, Carmel Valley Production Inc. had a work in process inventory of 1,200 units that...
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