Problem example

Instructions Indicate the following amounts requested. Some amounts are shown in the illustrated T accounts; others require short computations. (Show all computations.) a. Purchases of direct materials. b. The cost of direct materials used. c. Direct labor costs assigned to production. d. The year-end liability for direct wages payable. e. Total manufacturing costs charged to the Work in Process Inventory account during the current year. f. The cost of finished goods manufactured. g. The year-end balance in the Work in Process Inventory account. h. The cost of goods sold. i. The total amount of inventory listed in the year-end balance sheet. The fow of mumbeturins conts through the ledfer accounts of ISP, Ine, in the current jear is thustrated as follows in summarized form. C. Instructions Inficate the followirg anounts requested. Socne amounts are shosn in the T accounts providedt others require short computations. (Sbow af coespetations:) 2. Purchases of dired materiak. b. Tie cost of direst nunerials wed. c. Direet labor costs essigned to prodaction. C. Tre gavend liability for dinzet equas pyable. c. The outhead as a percentape of direct labor conts 1. Talal manufacturieg costs charged to the Work in Process Inventory account during the current jear. 5. The sost of hnishicd goods mantactured. 1. The ycarend balanes in the Work in Process Imentory secoent. L. The cost of goods wild. 1. Tre best anount of inveritory listed in the geas end balance shect