Question

5. Logan’s Enterprises, a manufacturer, reported the following data for May.

Beginning balance, Raw Materials Inventory	$45,000
Beginning Balance, Work in Process Inventory	$52,000
Beginning Balance, Finished Goods	$62,000
Ending Balance, Raw Materials Inventory	$47,000
Ending Balance, Work in Process Inventory	$32,000
Purchase of Raw Materials	$92,000
Direct Labor	$48,000
Manufacturing Overhead	$42,000
Cost of Goods Sold	$220,000

Required:

a. How much direct materials were used in production?

b. What were the current manufacturing costs for the month of May?

c. What was the ending balance in the Finished Goods Inventory account?

6. Bluegill, Inc. produces spincast reels. The company’s controller has provided you with the following information.

Beginning balance, Direct Materials Inventory $75,000

Ending balance, Direct Materials Inventory $69,000

Beginning balance, Work in Process Inventory $122,000

Ending balance, Work in Process Inventory $125,000

Direct Labor $757,000

Manufacturing Overhead $347,000

Direct materials purchased $847,000

Required:

Using the above cost information, prepare a cost of goods manufactured schedule.

7. The following data has been taken from the accounting records of Curtis Manufacturing Company for the current year:

Sales $600,000

Purchases of raw materials $350,000

Direct labor cost during period $120,000

Manufacturing overhead incurred during period $60,000

Raw Materials Inventory, beginning $20,000

Raw materials Inventory, ending $25,000

Work in Process Inventory, beginning $47,000

Work in Process Inventory, ending $32,000

Finished Goods Inventory, beginning $75,000

Finished Goods Inventory, ending $82,000

Required:

a. Compute the amount of raw materials moved into production during the period.

b. Compute the amount transferred to finished goods during the period.

c. Compute the amount of goods sold during the period.

8. Classify the following costs incurred by Roper Dress Manufacturing Company by both behavior and function by placing an “X” in the appropriate columns.

	Variable Cost	Fixed Cost	Product Cost	Period Cost
Cost of Fabric Used in Dresses
Cost of Lubrication for Sewing Machines
Cost of Commissions Paid to Sales Staff
Salary of Insurance on Office Building
Depreciation on Sewing Machines

Answer 1

6.)

Thankyou.......