Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Industries is calculating its Cost of Goods Manufactured atyear-end. Hawthorn's Hawthorn's accounting records show thefollowing: The Raw Materials Inventory account had a beginning balance of

Industries is calculating its Cost of Goods Manufactured atyear-end. Hawthorn's

Hawthorn's accounting records show thefollowing: The Raw Materials Inventory account had a beginning balance of $ 11 comma 000

$11,000 and an ending balance of $ 15 comma 000

$15,000. During theyear, the company purchased $ 70 comma 000

$70,000 of direct materials. Direct labor for the year totaled $ 130 comma 000

$130,000, while manufacturing overhead amounted to $ 154 comma 000

$154,000. The Work in Process Inventory account had a beginning balance of $ 26 comma 000

$26,000 and an ending balance of $ 20 comma 000

$20,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year.

I need help figuring out the direct materials used throughout the year?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Principles of Cost Accounting

Authors: Edward J. Vanderbeck

16th edition

9781133712701, 1133187862, 1133712703, 978-1133187868

Students also viewed these Accounting questions