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BACK Question 11 Rexfield Company recorded the following transactions for the month of February: Sales were S420 000 for the month. Sales Prices are determined by a markup on manufacturing cost of 40%. The costs of new inputs to the $287,000. (a) Calculate the missing values in the schedule below $104,600 Purchases Beginning Inventory Ending Inventory Direct Materials Used 16,600 $8,700 19,600 90,400 19,500 115,300 indirect materials of $9,800) Transferred to Finished Goods Cost of Goods Sold
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Missing Values Work in Finished Goods Particulars Materials Progress Purchases Beginning Inventory Ending Inventory Direct materials used Direct labor Manufatcuring Overhead (Including Indirect material of $ 9,800/.) Transffered to Finished Goods Cost of goods sold 1,04,600 8,700 19,600 90,400 16,600 19,500 1,15,300 Finding the value in a) Beginning Materials Add: Purchases Less: Direct material used Less: Indirect material used Ending Materials 16,600 1,04,600 (90,400) (9,800) 21,000 Finding the value in b) Total production cost Less: Direct material used Less: Manufacturing Overhead Direct labor 2,87,000 (90,400) (1,15,300) 81,300 Finding the value in c) Beginning work in progress Add: Total production cost Less: Ending Work in progress Transffered to Finished good:s 8,700 2,87,000 (19,600) 2,76,100 Finding the value in d) Sales Divided by rate Cost of goods sold 4,20,000 1 40% 3,00,000 Finding the value in e) Ending finished goods Add: Cost of goods sold Less: Transffered to finished goods Beginning finished goods 19,500 3,00,000 (2,76,100) 43,400

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