Question
The flow of manufacturing costs through the ledger accounts of Superior Locks, Inc., in the current year is illustrated as follows in summarized form. Required:
The flow of manufacturing costs through the ledger accounts of Superior Locks, Inc., in the current year is illustrated as follows in summarized form.
Required:
Indicate the amounts requested below. Some amounts are shown in the illustrated T accounts; others require short computations.
a. Compute the amount of purchases of direct materials. b. Compute the amount of the cost of direct materials used. c. Compute the amount of direct labor costs assigned to production. d. Compute the amount of the year-end liability for direct wages payable. e. Compute the amount of total manufacturing costs charged to the Work in Process Inventory account during the current year. f. Compute the amount of the cost of finished goods manufactured. g. Compute the amount of the year-end balance in the Work in Process Inventory account. h. Compute the amount of the cost of goods sold. i. Compute the amount of the total amount of inventory listed in the year-end balance sheet.
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