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Cost of Goods Sold 137,000 1,870 Accounts Payable 74,000 1,600 Beg. bal. 88,100 15,700 End. bal. Other assorted data gleaned from your notes: The
Cost of Goods Sold 137,000 1,870 Accounts Payable 74,000 1,600 Beg. bal. 88,100 15,700 End. bal. Other assorted data gleaned from your notes: The standards for each drum of Miracle Goo include 11 pounds of material A at a standard price of $5 per pound. The standard cost of material B is $21 for each drum of Miracle Goo. Purchases of material A were 12,000 pounds at $4.50 per pound. Given the actual output for the month, the standard allowed quantity of material A was 9,900 pounds. The standard allowed quantity of material B was 6,300 gallons. Although 11,000 gallons of B were purchased, only 6,100 gallons were used. The standard wage rate for mixers is $21 per hour. The standard labor cost per drum of product for mixers is $42 per drum. The standards allow 4 hours of direct labor II (packers) per drum of Miracle Goo. The standard labor cost per drum of product for packers is $48 per drum. Packers were paid $11.90 per hour during the month. You happened to remember two additional facts. There were no beginning or ending inventories of either work in process or finished goods for the month. The increase in accounts payable relates to direct-material purchases only.
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