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Business
AccountingManagerial Accounting: The Cornerstone of Business Decision-Making7th Edition

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Chapter 2, Problem 53P
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12MCQ
Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16MCQ
Problem 17MCQ
Problem 18MCQ
Problem 19BEA
Problem 20BEA
Problem 21BEA
Problem 22BEA
Problem 23BEA
Problem 24BEA
Problem 25BEA
Problem 26BEA
Problem 27BEB
Problem 28BEB
Problem 29BEB
Problem 30BEB
Problem 31BEB
Problem 32BEB
Problem 33BEB
Problem 34BEB
Problem 35E
Problem 36E
Problem 37E
Problem 38E
Problem 39E
Problem 40E
Problem 41E
Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51P
Problem 52P
Problem 53P
Problem 54P
Problem 55P
Problem 56P
Problem 57P
Problem 58P
Problem 59P
Problem 60P
Problem 61P
Problem 62C
Problem 63C
BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold

Bisby Company manufactures fishing rods. At the beginning of July, the following information was supplied by its accountant:

Chapter 2, Problem 53P, Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures , example 1

During July, the direct labor cost was $43,500, raw materials purchases were $64,000, and the total overhead cost was $108,750. The inventories at the end of July were:

Chapter 2, Problem 53P, Cost of Direct Materials, Cost of Goods Manufactured, Cost of Goods Sold Bisby Company manufactures , example 2

Required:

  1. 1. What is the cost of the direct materials used in production during July?
  2. 2. What is the cost of goods manufactured for July?
  3. 3. What is the cost of goods sold for July?

1.

To determine

Calculate the amount of direct material used in production for the month of July.

Explanation

Direct Materials Used In Production:

Direct materials used in production determine the variance between the amount of materials used for production and the amount of purchased materials.

Use the following formula to calculate direct material used in production:

Direct materials used in production=(Begining inventory of materials+Purchases−Ending inventory of materials)

2.

To determine

Calculate the amount of cost of goods manufactured for July.

3.

To determine

Calculate the amount of cost of goods sold for July.

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Ch-2 P-1DQCh-2 P-2DQCh-2 P-3DQCh-2 P-4DQCh-2 P-5DQCh-2 P-6DQCh-2 P-7DQCh-2 P-8DQCh-2 P-9DQCh-2 P-10DQ
Ch-2 P-11DQCh-2 P-12DQCh-2 P-13DQCh-2 P-14DQCh-2 P-15DQCh-2 P-1MCQCh-2 P-2MCQCh-2 P-3MCQCh-2 P-4MCQCh-2 P-5MCQCh-2 P-6MCQCh-2 P-7MCQCh-2 P-8MCQCh-2 P-9MCQCh-2 P-10MCQCh-2 P-11MCQCh-2 P-12MCQCh-2 P-13MCQCh-2 P-14MCQCh-2 P-15MCQCh-2 P-16MCQCh-2 P-17MCQCh-2 P-18MCQCh-2 P-19BEACh-2 P-20BEACh-2 P-21BEACh-2 P-22BEACh-2 P-23BEACh-2 P-24BEACh-2 P-25BEACh-2 P-26BEACh-2 P-27BEBCh-2 P-28BEBCh-2 P-29BEBCh-2 P-30BEBCh-2 P-31BEBCh-2 P-32BEBCh-2 P-33BEBCh-2 P-34BEBCh-2 P-35ECh-2 P-36ECh-2 P-37ECh-2 P-38ECh-2 P-39ECh-2 P-40ECh-2 P-41ECh-2 P-42ECh-2 P-43ECh-2 P-44ECh-2 P-45ECh-2 P-46ECh-2 P-47ECh-2 P-48ECh-2 P-49ECh-2 P-50ECh-2 P-51PCh-2 P-52PCh-2 P-53PCh-2 P-54PCh-2 P-55PCh-2 P-56PCh-2 P-57PCh-2 P-58PCh-2 P-59PCh-2 P-60PCh-2 P-61PCh-2 P-62CCh-2 P-63C

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