Question
Chavez Corporation reported the following data for the month of July: Inventories: Beginning Ending Raw materials $ 47,000 $ 40,000 Work in process $ 26,000
Chavez Corporation reported the following data for the month of July:
Inventories:
| Beginning | Ending | |||
| Raw materials | $ | 47,000 | $ | 40,000 |
| Work in process | $ | 26,000 | $ | 37,000 |
| Finished goods | $ | 42,000 | $ | 57,000 |
Additional information:
| Raw materials purchases | $ | 76,000 |
| Direct labor cost | $ | 101,000 |
| Manufacturing overhead cost incurred | $ | 69,000 |
| Indirect materials included in manufacturing overhead cost incurred | $ | 12,000 |
| Manufacturing overhead cost applied to Work in Process | $ | 68,000 |
Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.
The direct materials cost for July is:
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HR Audit Audit Your Most Precious Resources
Authors: DR. SIBRAM NISONKO
1st Edition
197357120X, 978-1973571209
