Costs and Balances

At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company.Note:It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured.

Data for FebruaryDecrease inmaterials inventory$3,600Materials inventory on Feb. 2850% of materials inventory on Jan. 31Direct materials purchased$12,300Direct materials used3 times the direct labor incurredTotal manufacturing costs incurred in period$27,300Total manufacturing costs incurred in period70% of Cost of Goods ManufacturedTotal manufacturing costs incurred in period$10,000 less than Cost of Goods Sold

Account BalancesAccountJan. 31Feb. 28Costs IncurredMaterials Inventory$fill in the blank 616917f85fc0021_1

$fill in the blank 616917f85fc0021_2

Direct Materials Used$fill in the blank 616917f85fc0021_3

Work in Process Inventory21,000fill in the blank 616917f85fc0021_4

Direct Labor Incurredfill in the blank 616917f85fc0021_5

Finished Goods Inventoryfill in the blank 616917f85fc0021_6

16,000Factory Overhead Incurredfill in the blank 616917f85fc0021_7

Cost of Goods Soldfill in the blank 616917f85fc0021_8