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
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 27E: Selected information concerning the operations of a company for the year ended December 31 is as...
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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. 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
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