Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records. Cost of Goods
Conrad, Inc. recently lost a portion of its records in an office fire. The following information was salvaged from the accounting records.
Cost of Goods Sold | $ | 65,000 | |
Work-in-Process Inventory, Beginning | 10,500 | ||
Work-in-Process Inventory, Ending | 9,000 | ||
Selling and Administrative Expense | 15,000 | ||
Finished Goods Inventory, Ending | 15,000 | ||
Finished Goods Inventory, Beginning | ? | ||
Direct Materials Used | ? | ||
Factory Overhead Applied | 12,000 | ||
Operating Income | 14,000 | ||
Direct Materials Inventory, Beginning | 11,000 | ||
Direct Materials Inventory, Ending | 6,000 | ||
Cost of Goods Manufactured | 60,000 | ||
Direct labor cost incurred during the period amounted to 1.5 times the factory overhead. The CFO of Conrad, Inc. has asked you to recalculate the following accounts and to report to him by the end of the day.
What is the amount of total manufacturing cost?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started