Question
Inventory balances for the Jameson Company in October 2018 are as follows: October 1, 2018 October 31, 2018 Raw materials $ 27,000 $21,000 Work in
Inventory balances for the Jameson Company in October 2018 are as follows:
October 1, 2018 October 31, 2018
Raw materials $ 27,000 $21,000
Work in process 48,000 37,200
Finished goods 108,000 90,000
During October,
purchases of direct materials were $36,000. Direct labor and factory overhead costs were $60,000 and $84,000, respectively.
What is the cost of materials used in production?
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
9th Edition
1118334329, 978-1118334324
