total manufacturing costs charged ( debited) to work in process during august am
ID: 2609263 • Letter: T
Question
total manufacturing costs charged ( debited) to work in process during august amount to
Required information (The following information applies to the questions displayed below.] The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) $79,000 $67,000 $21,000 $35,000 Balances in inventory Materials Work in Process Finished Goods August 31 August 1 ? 42,000 $63,000 56,500 $68,000 48,700 The total amount of inventory to be included in Elite's August 31st balance sheet amounts to:Explanation / Answer
materials, August 1 $ 42,000 Add: Purchase of direct material $ 79,000 Materials available for use $ 121,000 Less: materials used $ (67,000) materials, August 31 $ 54,000 August 31 materials $ 54,000 Work in process $ 63,000 Finished goods $ 68,000 Total amount of inventory $ 185,000 To be shown in balance sheet Direct Materials used $ 67,000 Direct labor costs assigned to production $ 21,000 manufacturing overhead costs incurred (and applied) $ 35,000 Total manufacturing costs charged $ 123,000 Debited to WIP
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