Homework Help is Here – Start Your Trial Now!
Business
Accounting
Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used Work in Procesa Inventory Finished Goods Inventery. 27,000 Direct Labor Incurred 18,000 Factory Overhead Incurred Cost of Goods Sold

Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used Work in Procesa Inventory Finished Goods Inventery. 27,000 Direct Labor Incurred 18,000 Factory Overhead Incurred Cost of Goods Sold

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter1: Introduction To Managerial Accounting
Section: Chapter Questions
Problem 17E: Cost flow relationships The following information is available for the first month of operations of...
See similar textbooks
icon
Related questions
Question
100%
Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the mising amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use Taccounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for detemining the cost of materials used, total manufacturing cost incured, and cost of goods manufactured. Data for February Decrease in materials inventory $3,300 Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $12,600 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $29,400 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing costs incurred in period $7,000 less than Cost of Goods Sold Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used Work in Process Inventory 27,000 Direct Labor Incurred Finished Goods Inventory Factory Overhead Incurred 18,000 Cost of Goods Sold
Transcribed Image Text:Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the mising amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use Taccounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for detemining the cost of materials used, total manufacturing cost incured, and cost of goods manufactured. Data for February Decrease in materials inventory $3,300 Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $12,600 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $29,400 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing costs incurred in period $7,000 less than Cost of Goods Sold Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory Direct Materials Used Work in Process Inventory 27,000 Direct Labor Incurred Finished Goods Inventory Factory Overhead Incurred 18,000 Cost of Goods Sold
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Financial Reporting in Hyperinflationary Economies
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Excel Applications for Accounting Principles
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS