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please answer it quickly The following information is from DALLAS Manufacturing Co. for June: Direct materials used in production $95,000 Direct labour $67,000 Total manufacturing
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The following information is from DALLAS Manufacturing Co. for June: Direct materials used in production $95,000 Direct labour $67,000 Total manufacturing cost $234,000 Raw materials inventory, June 1 $24,000 Work-in-process inventory, June 1 $7,000 Finished goods inventory, June 1 $101,000 Purchases of raw materials $102,000 Cost of goods manufactured $233,000 Administrative expense $41,000 Selling expense $56,000 Sales $344,000 Gross margin $127,000 Net income $30,000 Required: (a.) Compute the cost of goods sold. $240,000 Administrative expense $41,000 Selling expense $56,000 Sales $344,000 Gross margin $127,000 Net income $30,000 Required: (a.) Compute the cost of goods sold. (b.) Compute the balance in finished goods inventory at June 30. (c.) Compute the balance in work-in-process inventory at June 30. (d.) Compute the balance in raw materials inventory at June 30. (e.) Compute the total manufacturing overhead. (Hint: The easiest method of solving this problem is to prepare out the income statement and the schedule of cost of goods manufactured, enter the given amounts, and then enter the unknowns as plug figures.) Step by Step Solution
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