Hofstra Plastics Inc.'s selected data for the month of August 2016 are presented below (in millions): Work-in-process
Question:
Hofstra Plastics Inc.'s selected data for the month of August 2016 are presented below (in millions):
Work-in-process inventory, August 1, 2016....................$ 200
Direct materials inventory, August 1, 2016........................90
Direct materials purchased..........................................360
Direct materials used.................................................375
Variable manufacturing overhead..................................250
Total manufacturing overhead......................................480
Total manufacturing costs incurred during August 2016.....1,600
Cost of goods manufactured.....................................1,650
Cost of goods sold.................................................1,700
Finished goods inventory, August 1, 2016........................125
Required
Calculate the following costs:
1. Direct materials inventory on August 31, 2016.
2. Fixed manufacturing overhead costs for August.
3. Direct manufacturing labour costs for August.
4. Work-in-process inventory on August 31, 2016.
5. Cost of goods available for sale in August.
6. Finished goods inventory on August 31, 2016.
Step by Step Answer:
Cost Accounting A Managerial Emphasis
ISBN: 978-0133138443
7th Canadian Edition
Authors: Srikant M. Datar, Madhav V. Rajan, Charles T. Horngren, Louis Beaubien, Chris Graham