Cost Accounting

The Falcon Company does not maintain backup documents for its computer files. In June, some of the current data were lost, and you have been asked to help reconstruct the data. The following beginning balances on June 1 are known: Direct Materials Inventory $ 13, 800 Work-in-Process Inventory 6, 300 Finished Goods Inventory 14, 800 Manufacturing Overhead Control 34,500 Accounts Payable 7,800 Reviewing old documents and interviewing selected employees have generated the following additional information: The production superintendent's job cost sheets indicated that materials of $4,400 were included in the June 30 Work-in-Process Inventory. Also, 480 direct labor-hours had been paid at $7.00 per hour for the jobs in process on June 30. The Accounts Payable account is only for direct material purchases. The clerk remembers clearly that the balance in the Accounts Payable on June 30 was $9,800. An analysis of canceled checks indicated payments of $58,000 were made to suppliers during June. Payroll records indicate that 7,000 direct labor-hours were recorded for June. It was verified that there were no variations in pay rates among employees during June. Records at the warehouse indicate that the Finished Goods Inventory totaled $19,600 on June 30