The following T-accounts record the operations of Swifty Co.: Assume all raw mat

Question

The following T-accounts record the operations of Swifty Co.:

Assume all raw materials are direct materials.

(a) Calculate the amount of direct materials purchased during the period.

(b) Calculate the direct materials used in production during the period.

(c) Calculate the total manufacturing cost for the period.

(d) Calculate the cost of goods manufactured for the period.

(e) Calculate the cost of goods sold for the period.

Raw Materials Beginning Balance 10,460 ????? 69,775 Ending Balance 12,176

Explanation / Answer

a) Direct material purchased = 69775+12176-10460 = $71491

b) Direct material used = $69775

c) Total manufacturing cost = 69775+49744+75286 = $194805

d) Cost of goods manufactured = 18688+194805-24962 = $188531

e) Cost of goods sold = 28972+188531-18920 = $198583

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