Cost of goods sold for the Toronto Corporation for the month of June 20X6 was $800,000. Work
Question:
Cost of goods sold for the Toronto Corporation for the month of June 20X6 was $800,000. Work in process inventory at the end of June was 75% of work in process inventory at the beginning of June. Manufacturing overhead is 120% of direct labor cost. During June, $450,000 of direct materials were purchased. Other data about Toronto's inventory and production for June are as follows.
TORONTO CORPORATION
INVENTORY AND PRODUCTION DATA
FOR MONTH OF JUNE
Beginning Inventories, June 1:
Direct Materials $ 60,000
Work in Process 90,000
Finished Goods 180,000
Ending Inventories, June 30:
Direct Materials $ 35,000
Work in Process ?
Finished Goods 170,000
REQUIRED:
schedule to calculate the prime costs incurred during the month of June.
schedule to calculate the conversion costs incurred during the month of June.
Expert Answer:
To calculate the prime costs and conversion costs incurred during the month of June for Toronto Corp... View the full answer
