Estimate historical cost of material purchased in last month

Assignment Help Accounting Basics

Reference no: EM13824796

Problem-

Flower City Cartridges (FCC) manufactures replacement cartridges for desktop printers. FCC uses standard costs within a job order cost system. In June, FCC purchased 18 gallons of blue ink for $385.20 and produced the following four different cartridge jobs using the blue ink (and other inks, materials, and direct labor):

Jobs Blue Ink, Gallons Used

CJ120

HP9X2

CN417

XRX776

4.2

3.9

3.8

4.4

All four jobs have a blue ink materials standard that calls for four gallons of blue ink per job. Blue ink has a standard cost of $20 per gallon. These were the only jobs calling for blue ink in June. There was no beginning blue ink inventory on June 1.

Required: Prepare a table that indicates the financial disposition of the historical cost of the blue ink purchased in June. (That is, account for the $385.20 blue ink purchase).

Additional information-

This problem belongs to Accounting and it discusses about estimate historical cost of material purchased in the last month.

Reference no: EM13824796

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