The flow of manufacturing costs through the ledger of MF Enterprise. Company during the month of August
Question:
The "flow" of manufacturing costs through the ledger of MF Enterprise. Company during the month of August is summarized in the following T accounts. Certain amounts have been omitted and are represented by question marks.
Materials Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning Balance | 31,000 | ||
44,000 | ________? | ||
Ending Balance | 38,000 |
Work in Process Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning Balance | 10,000 | ||
102,000 | ________? | ||
Ending Balance | 7,000 |
Direct Labor | |||
---|---|---|---|
Debit | Credit | ||
Beginning Balance | 0 | ||
22,000 | 29,000 | ||
Ending Balance | ________? |
Finished Goods Inventory | |||
---|---|---|---|
Debit | Credit | ||
Beginning Balance | 71,000 | ||
________? | ________? | ||
Ending Balance | 78,000 |
Manufacturing Overhead | |||
---|---|---|---|
Debit | Credit | ||
36,000 | 36,000 | ||
Cost of Goods Sold | |||
---|---|---|---|
Debit | Credit | ||
________? | |||
Required:
From the data supplied above, determine each of the following amounts. Some of the required amounts already appear in the T accounts; others require a short computation. (A) The amount of direct materials purchased during the month (B) The amount of direct labor cost assigned to production (C) The amount of accrued wages payable to direct labor workers at August 31 (D) The cost of finished goods manufactured during the month (E) The cost of goods sold during the month
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello