The following T accounts summarize the flow of manufacturing costs during the current year through the ledger accounts of Payback Corporation:

Instructions
From the data supplied above, indicate the following amounts. Some amounts are shown in the T accounts above; others require short computations. (Show all computations.)
a. Purchases of direct materials during the year.
b. The cost of direct materials used.
c. Direct labor payrolls paid during the year.
d. Direct labor costs assigned to production.
e. The overhead assigned to production as a percentage of direct labor costs.
f. Total manufacturing costs charged to the Work in Process Inventory account during the current year.
g. The cost of finished goods manufactured.
h. The cost of goods sold.
i. The total costs to be classified as inventory in the year-end balancesheet.

Transcribed Image Text:

Materials Inventory Work in Process Inventory Beg. balance 20,000 Beg. balance 18,000 360,000 Ending balance $14,000 230,000 400,000 Ending balance 25,000 Direct Labor Finished Goods Inventory $225,000 $230,000Beg. balance 98,000 Ending balance5,0001? Ending balance $110,000 Manufacturing Overhead Cost of Goods Sold $400,000 $400,000