Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40...
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Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. This is PDI's second period of operations. You'll need to use information from Period 1 above to complete the charts for Period 2. During the period, PDI purchased 800 pounds of Iron Ore. At the end of the period, they transferred 1,000 pounds of Iron Ore to WIP. They used 150 hours of direct labor and incurred $12,400 of Factory Overhead. PDI ended the period with $4,850 in WIP and 210 skillets in Finished Goods. Prepare the Schedule of Raw Materials for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Raw Materials Account Dollar Amount Raw Materials Beginning Inventory 2,400 Purchases Raw materials available for use Raw Materials Ending Inventory Direct Materials Used (transferred to WIP) Pan Demic, Inc. (PDI) manufactures and sells cast iron skillets. A finished skillet sells for $40 and costs $15 to manufacture. PDI uses one raw material, iron ore, which is buys for $8/pound. Skillet Forgers heat the iron ore and form it into skillets. Forgers are paid $55/hour. This is PDI's second period of operations. You'll need to use information from Period 1 above to complete the charts for Period 2. During the period, PDI purchased 800 pounds of Iron Ore. At the end of the period, they transferred 1,000 pounds of Iron Ore to WIP. They used 150 hours of direct labor and incurred $12,400 of Factory Overhead. PDI ended the period with $4,850 in WIP and 210 skillets in Finished Goods. Prepare the Schedule of Raw Materials for PDI. Do not use dollar signs. Use whole numbers only (no decimal places) PDI Schedule of Raw Materials Account Dollar Amount Raw Materials Beginning Inventory 2,400 Purchases Raw materials available for use Raw Materials Ending Inventory Direct Materials Used (transferred to WIP)
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