Using the following information, determine the cost of goods manufactured and the ending direct materials inventory balance
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Using the following information, determine the cost of goods manufactured and the ending direct materials inventory balance for Steele Company during August 2019. Assume that over- or underapplied manufacturing overhead is closed to Cost of Goods Sold at the end of the period.
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Direct materials inventory, August 1, 2019 Direct materials inventory, August 31, 2019 Work-in-process inventory, August 1, 2019 Work-in-process inventory, August 31, 2019 Finished goods inventory, August 1, 2019 Finished goods inventory, August 31, 2019 Direct materials used Direct labor used Direct materials purchased Indirect materials used (supplies) Indirect labor used Manufacturing overhead, other Administrative salaries Sales salaries and commissions Depreciation on sales and office equipment Manufacturing overhead, applied $21,000 ? 4,000 16,000 8,000 10,000 30,000 20,000 35,000 6,000 25,000 29,000 15,000 10,000 14,000 65,000
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ANSWER August 1 August 31 Direct Materials Inventory 21000 WorkinProcess Inventory 4000 16000 Finish...View the full answer
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Related Book For
Introduction To AccountingAn Integrated Approach
ISBN: 9781119600107
8th Edition
Authors: Penne Ainsworth, Dan Deines
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