Reference no: EM132837306
Selected information from the Blake Corporation accounting records for June follows.
Materials Inventory
BB (6/1) 78,000 405,000
450,000
Work-In-Process Inventory
Labor 345,000
EB(6/30)430,000
Finished Goods Inventory
BB (6/1)280,000
825,000 822,000
Cost of Goods Sold -- 13,000
Manufacturing Overhead Control 240,000
Applied Manufacturing Control
253,000
240,000
13,000
Additional information for June follows:
- Labor wage rate was $30 per hour.
- During the month, sales revenue was $1,026,000, and selling and administrative costs were $225,000.
- This company has no indirect materials or supplies.
- The company applies manufacturing overhead on the basis of direct labor-hours.
Required:
Problem a. What was the cost of direct materials purchased in June?
Problem b. What was the over- or underapplied manufacturing overhead for June?
Problem c. What was the manufacturing overhead application rate in June?
Problem d. What was the cost of products completed during June?
Problem e. What was the balance of the Work-in-Process Inventory account at the beginning of June?