Selected information from the Blake Corporation accounting records for June follows:

Additional information for July follows:

• Labor wage rate was $35 per hour.
• During the month, sales revenue was $1,020,000, and selling and administrative costs were $222,000.
• This company has no indirect materials or supplies.
• The company applies manufacturing overhead on the basis of direct labor-hours.

Required

a. What was the cost of direct materials purchased in June?

b. What was the over- or underapplied manufacturing overhead for June?

c. What was the manufacturing overhead application rate in June?

d. What was the cost of products completed during June?

e. What was the balance of the Work-in-Process Inventory account at the beginning of June?

f. What was the operating profit for June? Any over-or underapplied overhead is written off to Cost of Goods Sold.

Transcribed Image Text:

Materials Inventory Work-in-Process Inventory BB (6/1) 75,000 Labor 350,000 EB (630) 400,000 447000402,000 Finished Goods Inventory Cost of Goods Sold BB (6/1) 277000 822,000 819,000 10,000 Manufacturing Overhead Control Applied Manufacturing Overhead 240,000 250,000 240,000 240,000 10,000