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Ans 1: Direct Materials: Beginning raw materials inventory ... $70 Add: Purchases of raw materials
$170 Raw materials available for use . $240 Deduct: Ending raw materials inventory. $80 Raw materials
used in production $160 Direct labor.... $210 Manufacturing
overhead... $220 Total Manufacturing Cost.... $590 Add: Beginning work in process
Purchases of raw materials
inventory .. $30 $620 Deduct: Ending work in process inventory ... $20 Cost of goods manufactured
$600
Direct labor
Manufacturing overhead
Administrative expenses
Selling expenses
Raw materials inventory, beginning
Raw materials inventory, ending
Work-in-process inventory, beginning
Work-in-process inventory, ending
Finished goods inventory, beginning
Finished goods inventory, ending
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Instructor
Explanation
:
$70
170
240
80
160
Direct labor
210
Manufacturing overhead
220
590
30
620
20
600