Solution-Compute the companys prime cost for january

Compute the companys prime cost for january

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Reference no: EM13890836

Rexford Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January.

	January 1	January 31
Finished goods	$162,500	$152,100
Work in process	305,500	326,300
Raw material	174,200	161,200

The following additional manufacturing data pertains to January operations.

Raw material purchased	$248,300
Direct labor	390,000
Actual manufacturing overhead	227,500
Actual selling and administrative expenses	230,000

Rexford Company applies manufacturing overhead at the rate of 70 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year.

Required: Compute the following amounts.

1. The company's prime cost for January.

2. The total manufacturing cost for January.

3. The cost of goods manufactured for January.

4. The cost of goods sold for January.

5. The balance in the Manufacturing Overhead account on January 31. Debit or credit?

Reference no: EM13890836

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Compute the companys prime cost for january

Reference no: EM13890836

Reference no: EM13890836

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