ate dirand thble forory, Auate fixverheaate dirto caAugust 2022 dataWork-in-process inventory, August 1, 2022Direct materials inventory, August 1, 2022Direct materials purchasedDirect materials usedVariable manufacturing overheadTotal manufacturing overheadTotal manufacturing costs incurred during August 2022Cost of goods manufacturedCost of goods soldFinished goods inventory, August 1, 2022PrintDone215753353852654851,6101,6901,700220Xeanthesust. Requirement 1. Calculate direct materials inventory on August 31, 2022.Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.)Direct materials available for productionDirect materials inventory, August 31, 2022Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.)Fixed manufacturing overhead costs

Answered: Work-in-process inventory, August 1,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ate dir
and th
ble for
ory, Au
ate fix
verhea
ate dir
to ca
August 2022 data
Work-in-process inventory, August 1, 2022
Direct materials inventory, August 1, 2022
Direct materials purchased
Direct materials used
Variable manufacturing overhead
Total manufacturing overhead
Total manufacturing costs incurred during August 2022
Cost of goods manufactured
Cost of goods sold
Finished goods inventory, August 1, 2022
Print
Done
215
75
335
385
265
485
1,610
1,690
1,700
220
X
ean
thes
ust.

Requirement 1. Calculate direct materials inventory on August 31, 2022.
Determine the formula and then calculate the direct materials inventory value at August 31, 2022. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.)
Direct materials available for production
Direct materials inventory, August 31, 2022
Requirement 2. Calculate fixed manufacturing overhead costs for August. (Work in millions. Use a minus sign or parentheses for numbers to be subtracted.)
Fixed manufacturing overhead costs

Expert Solution

Step 1

DIRECT MATERIAL OF INVENTORY

DIrect material Inventory are those Direct Material which is left after production of Goods. Direct materials inventory is the total amount of components on hand that have not yet been included in products.

FIXED MANUFACTURING OH COST

Fixed Manufacturing OH cost are those OH which is Incurred in manufacturing of Goods and Services at any level. Fixed Manufacturing OH Cost are Constant at any level of production. Fixed Manufacturing OH such as Factory Rent, Factory Electricity, Machine Fuels, Operator Charges etc.

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