The following quarterly cost data have been accumulated for Oakeson Mfg. Inc: Raw materials-beginning inventory (Jan. 1,
Question:
Raw materials-beginning inventory (Jan. 1, 2013) . . . . . . . . . . . .. 80 units @ $6.50
Purchases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75 units @ $8.00
.................................................................................120 units @ $8.50
Transferred 195 units of raw materials to work in process:
Work in process-beginning inventory (Jan. 1, 2013) . . . . . . . . . . . . 53 units @ $14.00
Direct labor. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,100
Manufacturing overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,950
Work in process-ending inventory (Mar. 31, 2013) . . .. . . . . . . . . . . 47 units @ $14.25
Prepare a cost of goods manufactured schedule for Oakeson Mfg. Inc. for the quarter ended March 31, 2013. Assume the use of FIFO for raw materials inventory.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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