Question

Managerial Accounting-62040 HW Sco Homework: Week 1: Homework 3 of 4 (3 complete) Score: 0 of 10 pts X E2-26A (similar to) Compute the Coet ef Qoods Mancdactured and Cost ef Goods Sold for Quality Acquatc Company for the most recent year using the amounts desorbed neat Assume that Raw Materials Inventory contains only direct materials. E ICick the loon to view the data) Stat the calolatn for cost of goods nanufactured by caloulating the direct materials used Quality Acquatic Company Calculation of Direct Matarials Used For Cuent Year Data Table Degmng ra maters mntory End of End of Baginning Beginning wok in process inventory Cost of goods menadud ret laboe Year Year of Year S 10500 28000 30.000 Insurance on plant Raw materisis imventory Endrg rw naterias invertory Ending work in process inventory S 12600 30,000 Depaciation-plant bulding and equipmant 36.000 Work in process inventory1 25,000 Repairs and maintanance-plant 4.300 22000 Finished goods inventory Manacturing ovehead S 83.000 Matarils aaale for ue 75,000 Marketing experses Purchases of diredt materals Purchs of drd maaa Total manufactufing oosts incured during the period Toal mandactuting costs to account fo S 24,500 Direct abor General and administradive axpenses $ 83,000 indirect labor 37,000 Print Done Chocse from any lel or eer any number in the input feids and then clck Check Ans prts mainieg Cear Al Chec

i need help with the next 2 steps of this one question please.

Answer 1

	QUALITY ACQUATIC COMPANY
	COMPUTATION OF DIRECT MATERIAL USED
	FOR CURRENT YEAR
	Beginning raw material inventory	$               28,000
	Add: Purchase of Direct materials	$               75,000
	Total available materials	$           1,03,000
	Less: Ending raw materials inventory	$               30,000
	Direct Material Used	$               73,000
	Statement of Cost of Goods Manufactured and Sold
		Amount	Amount
	Current manufacturing costs:
	Cost of raw material used		$              73,000
	Manufacturing Overhead
	Direct Labor	$               80,000
	Indirect Labor	$               37,000
	Insurance of plant	$               10,500
	Depreciation - Plant and Equipment	$               12,600
	Repair and maintenance Plant	$                 4,300
			$           1,44,400
	Opening Work-in-process,		$              36,000
	Total costs in process		$           2,53,400
	Ending Work-in-process		$              30,000
	Cost of goods manufactured		$           2,23,400
	Add: Finished Goods inventory		$              22,000
	Total Cost available for Sold		$           2,45,400
	Less: Closing Stock of Finished Goods		$              25,000
	Cost of Goods Sold		$           2,20,400