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The following events took place for fed inc during october

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Reference no: EM13586386

The following events took place for Fed Inc. during October 2012, the first month of operations as a producer of road bikes:

  • Purchased $427,000 of materials.
  • Used $367,500 of direct materials in production.
  • Incurred $315,000 of direct labor wages.
  • Applied factory overhead at a rate of 80% of direct labor cost.
  • Transferred $892,500 of work in process to finished goods.
  • Sold goods with cost of $848,750.
  • Sold goods for $1,500,000.
  • Incurred $367,500 of selling expenses.
  • Incurred $131,950 of administrative expenses.

b. Determine the inventory balances at the end of the first month of operations.

Reference no: EM13586386

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