FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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How do I find: direct materials, direct labor, and manufacturing
Assume that the $40,000 ending balance in Work in Process includes $9,000 of direct materials. Given this assumption, supply the information missing below:
Gitano Products operates a
Purchase of raw materials $ 133,000
Direct labor cost $ 82,000
Manufacturing overhead costs:
Indirect labor $ 118,600
Property taxes $ 8,000
Depreciation of equipment $ 18,000
Maintenance $ 15,000
Insurance $ 9,700
Rent, building $ 39,000
Beginning Ending
Raw Materials $ 26,000 $ 13,000
Work in Process $ 44,000 $ 40,000
Finished Goods $ 71,000 $ 60,000
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