Question
Beef Company had the following cost and inventory data for the month. Costs incurred for the month: Direct labor $25,000 Indirect labor 15,000 Direct materials
Beef Company had the following cost and inventory data for the month. Costs incurred for the month: Direct labor $25,000 Indirect labor 15,000 Direct materials purchased 75,000 Factory utilities 9,000 Factory depreciation 15,000
Inventories: Ending Beginning Direct materials $26,000 $22,000 Work-in-process 20,000 21,000 Finished goods 23,000 18,000
Choose to either use T-Accounts or create a Schedule of Cost of Goods Manufactured and Sold to answer the following questions.
a. What were the costs of direct materials used in production during the month? b. What was cost of goods manufactured (assuming actual overhead = applied overhead)? c. What was the cost of goods available for sale? d. What was cost of goods sold?
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