Question
madtack Companys beginning and ending inventories for the month of July are July 1 July 30 Direct materials $ 67,000 $ 62,000 Work-in-process 145,000 171,000
madtack Companys beginning and ending inventories for the month of July are
| July 1 | July 30 | ||||
| | |
| |||
| Direct materials | $ 67,000 | $ 62,000 |
| ||
| Work-in-process | 145,000 | 171,000 |
| ||
Production data for the month of July follows:
| Direct labor | $200,000 |
| Direct materials purchased | 163,000 |
Madtack has one overhead cost account and assigns overhead to production based on direct labor cost. The predetermined allocation rate is 0.7. The company formally reconciles over- or underapplied overhead at year end.
What are the costs of good manufactured for July?
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Blockchain Techonology In Accounting And Auditing
Authors: Prof Oleksandr Melnychenko
1st Edition
1976900328, 978-1976900327
