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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
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 $289,200. (a) Calculate the missing values in the schedule below. Materials Work in Process Finished Goods Purchases $100,600 Beginning Inventory 16,600 $8,000 (a) 19,100 19,100 90,100 (b) Ending Inventory Direct Materials Used Direct Labour Manufacturing Overhead (including indirect materials of $10,000) Transferred to Finished Goods 115,100 (c) Cost of Goods Sold (d)
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