Question
THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 6. Quiz Company reported the following information for the month of July. Sales $550,000 Materials purchases 64,000
THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 6. Quiz Company reported the following information for the month of July.
Sales $550,000
Materials purchases 64,000
Direct labor 43,500
Overhead 108,750
Selling costs 94,000
Administrative costs 183,500
Raw materials inventory, July 1 40,000
Work-in-process inventory, July 1 21,000
Finished goods inventory, July 1 23,200
Raw materials inventory, July 31 19,800
Work-in-process inventory, July 31 32,500
Finished goods inventory, July 31 22,100
2. Determine the cost of goods manufactured for the month ended July 31
3. Determine the cost of goods sold for the month ended July 31
5. Determine the prime cost for the month ended July 31
6. Determine the conversion cost for the month ended July 31
Give answer using dollar signs and commas but no decimal points (cents). Example: $12,345 QUESTION 6 1.
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