Costs and Balances

manufacturing cost incurred, and cost of goods manufactured.

Data for February

Account Balances

Costs and Balances At the end of February, after the second month of operations of Able daker 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 February materials inventory Decrease in Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period $3,300 50% of materials inventory on Jan. 31 $11,700 3 times the direct labor incurred $28,000 70% of Cost of Goods Manufactured $7,000 less than Cost of Goods Sold Account Balances Account Materials Inventory Work in Process Inventory finished Goods Inventory Jan. 31 27,000 x 11,200 Feb. 28 X X 14,700 15,500 Costs Incurred Direct Materials Used Direct Labor Incurred Factory Overhead Incurred Cost of Goods Sold 15,600 5,200 7,900 36,700 x x x x