Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Detecting Accounting Fraud Analysis And Ethics

Authors: Cecil W. Jackson

1st Edition

1292059400, 9781292059402

More Books

Students also viewed these Accounting questions

Question

=+b) Is MediaChips manufacturing process in control?

Answered: 1 week ago