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Tommy Co. had the following balances and information for October Beg. finished goods inventory $21 Beg. work in process inventory -$6 Beg. raw materials inventory
Tommy Co. had the following balances and information for October Beg. finished goods inventory $21 Beg. work in process inventory -$6 Beg. raw materials inventory $12 End. finished goods inventory $9 End. work in process inventory $9 End. raw materials inventory $18 Raw material purchases $75 Factory wages paid $72 Indirect materials $9 Indirect labor $18 Other overhead costs $60 Sales $360 Predetermined overhead rate-200% direct materials a) Cost of raw materials used equals b) Cost of direct materials equals c) Cost of direct labor equals d) Manufacturing overhead applied equals e) Total manufacturing costs equal f) Cost of goods manufactured equals g) Cost of goods sold* equals h) Gross profit equals * Don't worry about over or underapplied overhead
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