Calculate the ending materials and ending work in process

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Reference no: EM131808800

Problem

Treston Co. has its first month of operations and starts without any inventory. During the first month, the following transactions occurred:

1. Purchased raw materials for $3500 on account.

 

 

2. Used raw materials for various jobs:

Job 1

$700

Job 2

$  800


Job 3

$  900


Job 4

$ 700


Factory Use

$ 240


3. Used direct labor for various jobs:

Job 1

$850

Job 2

$1,000


Job 3

$1,150


Job 4

$  700


Factory Use

$ 600


4. The predetermined overhead rate is 70% of DL costs.



5. Jobs 1, 2, and 3 are completed.



6. Jobs 2 and 3 are sold on account. The selling price of each is determined as a markup of 30% on manufacturing cost.



Calculate the following:

Ending materials
Ending work in process
Ending finished goods
Cost of goods manufactured
Cost of goods sold
Gross profit.

Reference no: EM131808800

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