Question
Rexfield Company recorded the following transactions for the month of February: Sales were $420,000 for the month. Sales prices are determined by a markup
Rexfield Company recorded the following transactions for the month of February: Sales were $420,000 for the month. Sales prices are determined by a markup on manufacturing cost of 40%. The costs of new inputs to the manufacturing process during the month were $287,200. (a) Calculate the missing values in the schedule below. Purchases Beginning Inventory Ending Inventory Direct Materials Used Direct Labour Manufacturing Overhead (including indirect materials of $9,500) Transferred to Finished Goods Cost of Goods Sold Materials $101,800 Work in Process Finished Goods (e) 17,000 $8,200 (a) 19,800 18,800 90,400 (b) 115,200 (c) (d)
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