Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Check my work 7 Selected information from the Blake Corporation accounting records for June follows. Materials Inventory B8 (6/1) 89,000 461,008 416,000 Work-In-Process Inventory Labor

image text in transcribed
Check my work 7 Selected information from the Blake Corporation accounting records for June follows. Materials Inventory B8 (6/1) 89,000 461,008 416,000 Work-In-Process Inventory Labor 510,080 EB/6/30) $40,000 4 ps Skipped Finished Goods Inventory Cost of Goods Sold 88 (6/1) 291,000 836,000 833,000 24,000 Manufacturing Overhead Control Applied Manufacturing Overhead 316,000 340,000 316,000 316,000 24,000 Additional information for June follows: Labor wage rate was $30 per hour. . During the month, sales revenue was $1,029,000, and selling and administrative costs were $236,000, . This company has no indirect materials or supplies . The company applies manufacturing overhead on the basis of direct labor-hours, Required: a. What was the cost of direct materials purchased in June? b. What was the over- or underapplied manufacturing overhead for June? c. What was the manufacturing overhead application rate in June? d. What was the cost of products completed during June? e. What was the balance of the Work-in-Process Inventory account at the beginning of June? f. What was the operating profit (or loss) for June? Any over- or underapplied overhead is written off to Cost of Goods Sold

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

Step: 3

blur-text-image

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

Health And Safety Environment And Quality Audits A Risk Based Approach

Authors: Stephen Asbury

4th Edition

1032427574, 978-1032427577

More Books

Students also viewed these Accounting questions

Question

1. In what ways has flexible working revolutionised employment?

Answered: 1 week ago