Data analysis, manufacturing statement, cost terminology Dennis Manufacturing Inc.’s co...

Data analysis, manufacturing statement, cost terminology

Dennis Manufacturing Inc.’s cost of goods sold for the month ended July 31 was $345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. Other information pertaining to Dennis’ inventories and production for July is as follows:

Required:

1. Prepare a statement of cost of goods manufactured for the month of July. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)

2. Prepare a schedule to compute the prime cost incurred during July.

3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.