Calculation of inventory value and total manufacturing

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Calculation of Inventory value and total manufacturing cost.

The following information has been taken from the perpetual inventory system of Select Mfg. Co. for the month ended August 31:

Purchases of direct materials

 $50,000

Direct materials used

40,000

Direct labor costs assigned to production

 15,000

Manufacturing overhead costs incurred (and applied)

25,000

 

Balances in inventory

 Aug 31

Aug 1

Materials

$ ?

$15,000

Work-in-Progress

 55,000

37,000

Finished Goods

50,000

33,000

 

What is the total amount of inventory to be included in Select's August 31st balance sheet?

What are the total manufacturing costs charged (debited) to Work-in-Process during August?

Reference no: EM13356606

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