Question
I am Having trouble figuring out how to map this question. Decrease inmaterials inventory $2,700 Materials inventory on Feb. 28 50% of materials inventory on
I am Having trouble figuring out how to map this question.
Decrease inmaterials inventory $2,700
Materials inventory on Feb. 28 50% of materials inventory on Jan. 31
Direct materials purchased $12,300
Direct materials used 3 times the direct labor incurred
Total manufacturing costs incurred in period $28,700
Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured
Total manufacturing costs incurred in period $7,000 less than Cost of Goods Sold
I am supposed to find:
Account Balances
Account Jan. 31 Feb. 28 Costs Incurred
Materials Inv. _______ _______ Direct Mats. Used ________
WIP Inv. 21,000 _______ Direct Labor Incurred ______
Finished Good Inv. ______ 16,000 Factory OH Incurred _______
Cost of Goods Sold _______
Not wanting specific answers just a how to.
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