Reference no: EM133056392
Questions -
Q1. Company reported raw materials inventory of $35,000 on July 1. During July, the company purchased $250,000 of materials. Raw materials inventory on July 31 was $40,000. Determine the cost of direct materials used for July.
Q2. Company reported work-in-process inventory of $60,000 on July 1. During July, the company incurred direct labor cost of $90,000, overhead cost of $70,000, selling cost of $40,000, and administrative cost of $50,000. Test Company reported direct materials used of $100,000 and cost of goods manufactured $240,000 for July. Determine work-in-process inventory on July 31.
Q3. Company reported cost of goods manufactured of $330,000 and cost of goods sold of $320,000 for July. Finished goods inventory on July 31 was $25,000. Determine finished goods inventory on July 1.
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