Selected information from the Blake Corporation accounting records for June follows. Materials Inventory Work-In-Process Inventory Finished...

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Selected information from the Blake Corporation accounting records for June follows. Materials Inventory Work-In-Process Inventory Finished Goods Inventory BB (6/1) Labor 500,000 BB (6/1) 282,000 80,000 452,000 407,000 EB (6/30) 450,000 827,000 824,000 Cost of Goods Sold Applied Manufacturing Overhead Manufacturing Overhead Control 235,000 250,000 15,000 235,000 235,000 15,000 Additional information for June follows: • Labor wage rate was $40 per hour. During the month, sales revenue was $1,030,000, and selling and administrative costs were $227,000. • 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 (or loss) for June? Any over- or underapplied overhead is written off to Cost of Goods Sold. Selected information from the Blake Corporation accounting records for June follows. Materials Inventory Work-In-Process Inventory Finished Goods Inventory BB (6/1) Labor 500,000 BB (6/1) 282,000 80,000 452,000 407,000 EB (6/30) 450,000 827,000 824,000 Cost of Goods Sold Applied Manufacturing Overhead Manufacturing Overhead Control 235,000 250,000 15,000 235,000 235,000 15,000 Additional information for June follows: • Labor wage rate was $40 per hour. During the month, sales revenue was $1,030,000, and selling and administrative costs were $227,000. • 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 (or loss) for June? Any over- or underapplied overhead is written off to Cost of Goods Sold.

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a Cost of direct material purchases b Overapplied overhead c Overhead ... View the full answer