The production department of Ted Milk shows the following transaction in month of September. Company adopted JIT system few months back. 1. Materials purchased on credit 20,000 2. All materials was used during production 3. Direct labor icost incurred for 6,000 4. Overhead charged to production was 20,000 5. Units completed costing 45,500 6. Units sold 45,000 Required: Compute for the following: a. Finished goods inventory b. Work in process inventory
The production department of Ted Milk shows the following transaction in month of September. Company adopted JIT system few months back. 1. Materials purchased on credit 20,000 2. All materials was used during production 3. Direct labor icost incurred for 6,000 4. Overhead charged to production was 20,000 5. Units completed costing 45,500 6. Units sold 45,000 Required: Compute for the following: a. Finished goods inventory b. Work in process inventory
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The production department of Ted Milk shows the following transaction in month of September. Company adopted JIT system few months back.
1. Materials purchased on credit 20,000
2. All materials was used during production
3. Direct labor icost incurred for 6,000
4.
5. Units completed costing 45,500
6. Units sold 45,000
Required: Compute for the following:
a. Finished goods inventory
b. Work in process inventory
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