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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
Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data hes 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 February Decrease in materials inventory $ Materials inventory on Feb. of materials inventory on Jan. Direct materials purchased $ Direct materials used times the direct labor incurred Total manufacturing costs incurred in period $ Total manufacturing costs incurred in period of Cost of Goods Manufactured Total manufacturing costs incurred in period $ less than Cost of Goods Sold Account Balances Account Jan. Feb. Costs Incurred Materials Inventory $fill in the blank ebcfdfbf $fill in the blank ebcfdfbf Direct Materials Used $fill in the blank ebcfdfbf Work in Process Inventory fill in the blank ebcfdfbf Direct Labor Incurred fill in the blank ebcfdfbf Finished Goods Inventory fill in the blank ebcfdfbf Factory Overhead Incurred fill in the blank ebcfdfbf Cost of Goods Sold fill in the blank ebcfdfbf
Costs and Balances
At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data hes 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 February
Decrease in materials inventory $
Materials inventory on Feb. of materials inventory on Jan.
Direct materials purchased $
Direct materials used times the direct labor incurred
Total manufacturing costs incurred in period $
Total manufacturing costs incurred in period of Cost of Goods Manufactured
Total manufacturing costs incurred in period $ less than Cost of Goods Sold
Account Balances
Account Jan. Feb. Costs Incurred
Materials Inventory $fill in the blank ebcfdfbf
$fill in the blank ebcfdfbf
Direct Materials Used $fill in the blank ebcfdfbf
Work in Process Inventory fill in the blank ebcfdfbf
Direct Labor Incurred fill in the blank ebcfdfbf
Finished Goods Inventory fill in the blank ebcfdfbf
Factory Overhead Incurred fill in the blank ebcfdfbf
Cost of Goods Sold fill in the blank ebcfdfbf
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