Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How much were the company's cost of goods sold for March? Beginning balances on March 1st are below: Raw materials: $2,000 Work in process: $1,000
How much were the company's cost of goods sold for March?
Beginning balances on March 1st are below:
Raw materials: $2,000
Work in process: $1,000
Finished goods: $2,000
Ending balances for March 31 were:
Raw materials: $5,000
Work in process: $0
Finished goods of $3,000
In March, the following happened:
- Purchased $18,000 of raw materials and used $12,000 of direct raw materials in production and $3,000 of indirect materials in production
- Incurred $10,000 of direct labor
- Incurred $4,000 of rent on its administrative building
- Manufacturing overhead applied was $15,000 for the month.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started