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Logans Enterprises reported the following data for May. Beginning balance, Direct Materials Inventory $45,000 Beginning balance, Work in Process Inventory 52,000 Beginning balance, Finished Goods
Logans Enterprises reported the following data for May.
Beginning balance, Direct Materials Inventory | $45,000 |
Beginning balance, Work in Process Inventory | 52,000 |
Beginning balance, Finished Goods Inventory | 62,000 |
Ending balance, Direct Materials Inventory | 47,000 |
Purchase of direct materials | 92,000 |
Direct labor | 48,000 |
Manufacturing overhead | 42,000 |
Cost of Goods Manufactured | 200,000 |
Cost of Goods Sold | 220,000 |
Required:
- How much direct materials were used in production?
- What were the total manufacturing costs for the month of May?
- What was the ending balance in the Finished Goods Inventory account?
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