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Alex Company had the following inventories at the beginning and end of the month of January. January 1 January 31 Finished goods $125,000 $117,000 Work-in-process
Alex Company had the following inventories at the beginning and end of the month of January.
January 1 | January 31 | |
Finished goods | $125,000 | $117,000 |
Work-in-process | 235,000 | 251,000 |
Direct materials | 134,000 | 124,000 |
The following additional manufacturing data was available for the month of January.
Direct materials purchased | $189,000 |
Purchase returns and allowances | 1,000 |
Transportation in | 3,000 |
Direct labor | 300,000 |
Alex Company applies facotry overhead at a rate of 60 percent of direct labor cost and any overapplied or underapplied factory overhead is deferred until the end of the year, December 31.
Alex Company's cost of goods manufactured for January was:
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