Question

Current Attempt in Progress The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year: Sales Purchases of direct materials Direct labor cost during period Manufacturing overhead applied during period Direct Materials Inventory, beginning Direct Materials Inventory, ending Work in Process Inventory, beginning Work in Process Inventory, ending Finished Goods Inventory, beginning Finished Goods Inventory, ending $600,000 350,000 120,000 60,000 20,000 25,000 47,000 32,000 75,000 82,000 Compute the cost of direct materials moved into production during the period. Direct materials used in production $ 530000 e Textbook and Media Assistance Used

Answer 1

Working : Schedule of Cost of goods Sold Direct Materials : Raw material inventory, Beginning $ 20,000 Add : Purchases of Raw materials $350,000 Raw materials available for use $ 370,000 Less : Raw material inventory, Ending $ 25,000 Raw material used in production $ 345,000 Less : Indirect material included in manfacturing overhead $ Direct labour Manufacturing overhead applied Total Manfacturing costs Add : Beginning work in process inventory Less Ending Work in process inventory Cost of goods manufactured Add : Finished goods inventory,Beginning Goods available for sale Less : Finished goods inventory, Ending Cost of goods sold $ 345,000 $ 120,000 $ 60,000 $ 525,000 $ 47,000 $ 572,000 $ 32,000 $ 540,000 $ 75,000 $ 615,000 $ 82,000 $ 533,000 Main Solution : Raw material used in production Cost of goods sold $345,000 $ 533,000 Note : Comment down for any issues