and cost of goods manufactured

Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data heg collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period $3,300 50% of materials inventory on Jan. 31 $12,000 3 times the direct labor incurred $28,700 70% of Cost of Goods Manufactured $7,000 less than Cost of Goods Sold Account Balances Account Materials Inventory Work in Process Inventory Finished Goods Inventory Jan. 31 27,000 Feb. 28 3,300 v' 16,500 Costs Incurred Direct Materials used Direct Labor Incurred Factory Overhead Incurred Cost of Goods Sold