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Hello, i need help with the attached document, please list step by step for solution so I can know how to perform in the future.
Hello, i need help with the attached document, please list step by step for solution so I can know how to perform in the future.
Thanks in advance
Selected information from the Blake Corporation accounting records for June follows: Materials Inventory BB (6/1) 83,000 455,000 410,000 Work-In-Process Inventory Labor EB(6/30) 420,000 480,000 Finished Goods Inventory BB (6/1) 285,000 830,000 827,000 Cost of Goods Sold 18,000 Manufacturing Overhead Control 304,000 304,000 Applied Manufacturing Overhead 322,000 304,000 18,000 Additional information for June follows: Labor wage rate was $30 per hour. During the month, sales revenue was $1,017,000, and selling and administrative costs were $230,000. This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. Required: a. What was the cost of direct materials purchased in June? b. What was the over- or underapplied manufacturing overhead for June? c. What was the manufacturing overhead application rate in June? d. What was the cost of products completed during June? e. What was the balance of the Work-in-Process Inventory account at the beginning of June? f. What was the operating profit (or loss) for June? (Negative amounts should be indicated by a minus sign.)Step by Step Solution
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