Reference no: EM132476048
Cost and sales data:
a. Materials purchased on account, $400,000.
b. Direct materials used: Job No. 22, $60,000; Job No. 23, $120,000; Job No. 24, $180,000.
c. Indirect materials used, $10,000.
d. Direct labor costs: Job No. 22, $100,000; Job No. 23, $200,000; and Job No. 24, $80,000.
e. Indirect labor costs, $80,000.
f. Overhead is assigned to jobs at $100 per machine-hour. Job No. 22 used 500 machine-hours, Job No. 23 used 1,000 machine-hours, and Job No. 24 used 300 machine-hours in January.
g. Job No. 22 and 23 were completed and transferred to Finished Goods Inventory.
h. Job No. 21 and 22 were sold on account for $1,200,000, total.
i. Manufacturing overhead costs incurred, other than indirect materials and indirect labor, were depreciation, $60,000, and heat, light, power, miscellaneous, $30,000 (to be paid next month).
Required:
Question 1: Need assistance Calculating the ending balance in Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, and Cost of Goods Sold.
Question 2: Assuming selling and administrative expenses were $100,000,need assistance multi-step income statement.
Attachment:- material purchased.rar
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