Saved er 14 Materials Activity Raw materials purchases $532,000 Raw materials av

ID: 2608573 • Letter: S

Question

Saved er 14 Materials Activity Raw materials purchases $532,000 Raw materials available Ending raw materials Beginning raw materials inventory for use in production $175,000 $145,500 Diroct materials used in production Production Activity Direct labor used in production $350,000 Factory overhead used in production $750,000 Total work in Boginning work in process Inventory Ending work in process inventory $84,500 $1 Finished goods manufactured $1,593,500 Sales Activity Boginning finishod goods inventory Finished goods Ending finished goods inventory available for sale $1,740,250 Finished goods sold $139,950

Explanation / Answer

Answer

Raw Material Purchased

532,000

Add: Opening Raw Material

145,500

Raw material available for use in Production

677,500

Less: Closing Raw Material

175,000

Direct Material used in Production

502,500

Add: Direct Labor used in Production

350,000

Add: Factory Overhead used in production

750,000

Add: Beginning Work in Progress

84,500

Total Work in Progress

1,687,000

Less: Closing Work in Progress

93,500

Finished Goods Manufactured

1,593,500

Add: Beginning Finished Goods

146,750

Finished goods available for sale

1,740,250

Less: Closing Finished Goods

139950

Finished Goods sold

1,600,300

Ending Work-in-progress = Total work-in-progress - Finished goods manufactured

= 1,687,000 – 1,593,500

Ending Work-in-progress = $93,500

Beginning Finished Goods Inventory = Finished goods available for sale – Finished goods manufactured

= 1,740,250 - 1,593,500

Beginning Finished Goods Inventory = $146,750