The accounting records indicate certain balances in the inventory accounts for 20xx: 1/1/xx $ 24,000 Materials...

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The accounting records indicate certain balances in the inventory accounts for 20xx: 1/1/xx $ 24,000 Materials inventory Product inventory in process (Work in Process) Finished products inventory -0- F. Sales of the period g. Cost of goods sold $16,000 31/12/xx $ 19,000 $28,000 $26,000 Other data (applies to the period from 1/1/xx to 12/31/xx) Prime costs were $397,000. Materials were purchased 10 times the amount of what was in materials inventory at the beginning of the year. Direct labor costs represent 38% of the conversion costs, which were $400,000. The company generates, on average, 25% gross profit (Gross Margin). Required: 1. Calculate the following items for 20xx: to. Cost of materials used (Direct Materials Used) b. Direct labor cost c. Factory indirect costs incurred (Manufacturing Overhead) d. Cost of Goods Manufactured and. Unit cost (6,000 units produced) The accounting records indicate certain balances in the inventory accounts for 20xx: 1/1/xx $ 24,000 Materials inventory Product inventory in process (Work in Process) Finished products inventory -0- F. Sales of the period g. Cost of goods sold $16,000 31/12/xx $ 19,000 $28,000 $26,000 Other data (applies to the period from 1/1/xx to 12/31/xx) Prime costs were $397,000. Materials were purchased 10 times the amount of what was in materials inventory at the beginning of the year. Direct labor costs represent 38% of the conversion costs, which were $400,000. The company generates, on average, 25% gross profit (Gross Margin). Required: 1. Calculate the following items for 20xx: to. Cost of materials used (Direct Materials Used) b. Direct labor cost c. Factory indirect costs incurred (Manufacturing Overhead) d. Cost of Goods Manufactured and. Unit cost (6,000 units produced)

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This is a managerial accounting problem involving cost calculations related to inventory Lets work through each of the requested items one by one a Cost of materials used Direct Materials Used This ca... View the full answer