Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[The following information applies to the questions displayed below.] Work-in-process inventory, January 1, 2011 $ 62,000 Work-in-process inventory, December 31, 2011 $ 67,500 Conversion costs
[The following information applies to the questions displayed below.]
Work-in-process inventory, January 1, 2011 | $ 62,000 |
Work-in-process inventory, December 31, 2011 | $ 67,500 |
Conversion costs during the year | $ 434,000 |
If direct materials used during the year were $154,000, what was cost of goods manufactured?
None of these.
$577,000.
$159,500.
$582,500.
$428,500.
If the cost of goods manufactured for the year was $576,000, what was the amount of direct materials used during the year?
$147,500.
$142,000.
$202,500.
None of these.
$45,500.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started