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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 cost of finished goods manufactured in August?
[B] find out the cost of goods sold manufactured in August?

 

 

 

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