Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Answer for all with formula and detailed explanation The following information is from Marchant Manufacturing Co. for September: Direct materials used in production $95,000 Direct

Answer for all with formula and detailed explanation

image text in transcribed
The following information is from Marchant Manufacturing Co. for September: Direct materials used in production $95,000 Direct labour $67,000 Total manufacturing cost $234,000 Raw materials inventory, Sept. 1 $24,000 Work-in-process inventory, Sept. 1 $6,000 Finished goods inventory, Sept. 1 $101,000 Purchases of raw materials $102,000 Cost of goods manufactured $233,000 Administrative expense $41,000 Selling expense $56,000 Sales $344,000 Gross margin $127,000 Net income $30,000 Required: (a.) Compute the cost of goods sold. (b.) Compute the balance in finished goods inventory at September 30. (c.) Compute the balance in work-in-process inventory at September 30. (d.) Compute the balance in raw materials inventory at September 30. (e. ) Compute the total manufacturing overhead

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Payroll Accounting 2020

Authors: Bernard J. Bieg, Judith A. Toland

30th edition

357117174, 978-0357117170

More Books

Students also viewed these Accounting questions

Question

= 7. Describe how you would use ISO 9000 as an entry into TQM.

Answered: 1 week ago

Question

what information is needed to complete a global cash flow analysis

Answered: 1 week ago