The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31:
| Purchases of direct materials | $ | 78,000 | |
| Direct materials used | $ | 65,500 | |
| Direct labor costs assigned to production | $ | 31,000 | |
| Manufacturing overhead costs incurred (and applied) | $ | 35,000 | |
| Balances in inventory | August 31 | August 1 | ||||
| Materials | $ | ? | 40,000 | |||
| Work in Process | $ | 62,000 | 56,000 | |||
| Finished Goods | $ | 67,000 | 48,400 | |||
| The total amount of inventory to be included in Elite's August 31st balance sheet amounts to: |
| Computation of Raw material inventory as at Aug 31: | |||||
| Beginning Raw material inventory | 40,000 | ||||
| Add: Purchased | 78,000 | ||||
| Total cost of raw material available for use | 1,18,000 | ||||
| Less: Material used in production | 65,500 | ||||
| Raw material inventory as at Aug 31 | 52,500 | ||||
| Total Amount of Inventory to be shown in Aug31 Balance Sheet: | |||||
| Raw material inventory | 52,500 | ||||
| WIP inventory | 62,000 | ||||
| Finished goods inventory | 67,000 | ||||
| Total Inventory on Aug 31 | 1,81,500 | ||||
| Answer is $ 181,500 | |||||
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for...
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials $ 78,000 Direct materials used $ 65,500 Direct labor costs assigned to production $ 31,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ ? 40,000 Work in Process $ 62,000 56,000 Finished Goods $ 67,000 48,400 The cost of finished goods manufactured in August is:
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials $ 78,000 Direct materials used $ 65,500 Direct labor costs assigned to production $ 31,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ ? 40,000 Work in Process $ 62,000 56,000 Finished Goods $ 67,000 48,400 The cost of goods sold in August is:
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials $ 78,000 Direct materials used $ 65,500 Direct labor costs assigned to production $ 31,000 Manufacturing overhead costs incurred (and applied) $ 35,000 Balances in inventory August 31 August 1 Materials $ ? 40,000 Work in Process $ 62,000 56,000 Finished Goods $ 67,000 48,400 Total manufacturing costs charged (debited) to Work in Process...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 85,000 Direct materials used $ 64,400 Direct labor costs assigned to production...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 85,000 Direct materials used $ 64,400 Direct labor costs assigned to production...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 85,000 Direct materials used $ 64,400 Direct labor costs assigned to production...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 73,000 Direct materials used $ 50,000 Direct labor costs assigned to production...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 73,000 Direct materials used $ 50,000 Direct labor costs assigned to production...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 73,000 Direct materials used $ 50,000 Direct labor costs assigned to production...
The following information has been taken from the perpetual inventory system of Jaxson Manufacturing Co. for the month ended September 30: Hint: The missing Ending Materials Inventory amount on Sept 30 should be a simple calculation based on the information given. You will be asked to solve for various amounts based on your understanding of the relationships between these accounts, as we discussed. Purchases of direct materials $ 89,000 Direct materials used $ 69,200 Direct labor costs assigned to production...