The following information has been taken from the perpetual inventory system of Select Mfg. Co. for the month ended August 31
Calculation of Inventory value and total manufacturing cost.
The following information has been taken from the perpetual inventory system of Select Mfg. Co. for the month ended August 31:
Purchases of direct materials $50,000
Direct materials used 40,000
Direct labor costs assigned to production 15,000
Manufacturing overhead costs incurred (and applied) 25,000
Balances in inventory Aug 31 Aug 1
Materials $ ? $15,000
Work-in-Progress 55,000 37,000
Finished Goods 50,000 33,000
What is the total amount of inventory to be included in Select's August 31st balance sheet?
What are the total manufacturing costs charged (debited) to Work-in-Process during August?
What is the cost of finished goods manufactured in August?
What is the cost of goods sold manufactured in August?CLICK HERE FOR SOLUTION
