Question

Using the following information, determine the cost of goods manufactured and the ending direct materials inventory balance for Steele Company during August 2010. Assume that over- or under applied manufacturing overhead is closed to Cost of Goods Sold at the end of the period.
Direct materials inventory, Aug. 1, 2010 $ ................................................. 21,000
Direct materials inventory, Aug. 31, 2010 .................................................. ?
Work- in- process inventory, Aug. 1, 2010 ................................................. 4,000
Work- in- process inventory, Aug. 31, 2010 ............................................... 16,000
Finished goods inventory, Aug. 1, 2010 ..................................................... 8,000
Finished goods inventory, Aug. 31, 2010 .................................................... 10,000
Direct materials used .................................................................................... 30,000
Direct labor used ............................................................................................ 20,000
Direct materials purchased .............................................................................. 35,000
Indirect materials used (supplies) .................................................................... 6,000
Indirect labor used .......................................................................................... 25,000
Manufacturing overhead, other ....................................................................... 29,000
Administrative salaries ..................................................................................... 15,000
Sales salaries and commissions ........................................................................ 10,000
Depreciation on sales and office equipment ....................................................... 14,000
Manufacturing overhead, applied ....................................................................... 65,000


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  • CreatedMarch 25, 2015
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