Reference no: EM132894819
Question -
A. XXX Company manufactures computer stands. Cost of Goods Sold is 115,000, the ending balance of Finished Goods Inventory is 80% less than its beginning balances. The cost of goods manufactured is 60% of cost of goods sold.
What is the beginning balances of finished goods inventory? Show your solution.
B. For December ABC company had the following: material purchases 33,000; depreciation of factory assets, 17,000 cost of goods sold, 150,000; expired insurance on factory assets, 2,000; cost of goods available for sale, 190,000; and total factory labor, 49,000. inventories were as follows:
JUNE 1 JUNE 30
Material 25,000 30,000
Work in process 50,000 40,000
General factory overhead of 13,000 was incurred in December; this figure includes all factory overhead except indirect labor, indirect materials, depreciation, insurance. Direct labor cost for the month was 6 times larger than indirect labor cost. The cost of indirect material used was 1,000. The company uses single materials account for direct and indirect materials
-What is the direct materials used? please show the solution
-What is the Finished Goods inventory, December 1?