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problem: The following data has been taken from the perpetual inventory system of Select Mfg. Co. for the month ended August 31;

Purchases of direct materials

 $50,000

Direct materials used

40,000

Direct labor costs assigned to production

 15,000

Manufacturing overhead costs incurred (and applied)

25,000

 

Balances in inventory

 Aug 31

Aug 1

Materials

$ ?

$15,000

Work-in-Progress

 55,000

37,000

Finished Goods

50,000

33,000

[A] find out the total amount of inventory to be included in Select's August 31 balance sheet?

[B] find out the total manufacturing costs charged to Work-in-Process during August

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922543

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