Question
Inventory balances for the James Enterprises in February 2011 are as follows: February 1, 2011 February 28, 2011 Raw materials $ 27,000 $21,000 Work in
Inventory balances for the James Enterprises in February 2011 are as follows:
February 1, 2011
February 28, 2011
Raw materials
$ 27,000
$21,000
Work in process
48,000
37,200
Finished goods
108,000
90,000
During February, purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000,
What is the cost of materials used in production?
Step by Step Solution
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Step: 1
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Step: 2
Step: 3
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Cost Accounting
Authors: William K. Carter
14th edition
759338094, 978-0759338098
