Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Selected information from the Blake Corporation accounting records for June follows. Materials Inventory Work-In-Process Inventory BB (6/1) 80,000 Labor 500,000 452,000 407,000 EB/6/30) 450,000 Cost

image text in transcribed
Selected information from the Blake Corporation accounting records for June follows. Materials Inventory Work-In-Process Inventory BB (6/1) 80,000 Labor 500,000 452,000 407,000 EB/6/30) 450,000 Cost of Goods Sold Finished Goods Inventory BB (6/1) 282,000 827,000 824,000 15,000 Manufacturing Overhead Control 235,000 235,000 Applied Manufacturing Overhead 250,000 235,000 15,000 Additional information for June follows: Labor wage rate was $40 per hour. . During the month, sales revenue was $1,030,000, and selling and administrative costs were $227,000 . This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor-hours. Required: a. What was the cost of direct materials purchased in June? b. What was the over-or underapplied manufacturing overhead for June? c. What was the manufacturing overhead application rate in June? d. What was the cost of products completed during June? e. What was the balance of the Work-in-Process Inventory account at the beginning of June? f. What was the operating profit (or loss) for June? Any over- or underapplied overhead is written off to cost of Goods Sold

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial And Managerial Accounting Working Papers Volume 1

Authors: Belverd E. Needles

6th Edition

0618102337, 978-0618102334

More Books

Students also viewed these Accounting questions

Question

1 Outline an effective strategy for writing routine requests

Answered: 1 week ago