Question
In: Accounting
Okaboji Manufacturing Company reported the following materials data for the month ending November 30:
Okaboji Manufacturing Company reported the following materials data for the month ending November 30:
Materials purchased $490,900
Materials inventory, November 1 64,900
Materials inventory, November 30 81,300
Determine the cost of direct materials used in production by Okaboji during the month ended november 30
Solutions
Expert Solution
Direct material cost : The cost of the materials used directly in production is known as the direct material cost. It makes up a sizable amount of the finished product's overall cost. For instance, the price of plastic is the primary raw material used to make bottles.
Calculation of cost of direct materials used in production by okaboji during the month ended november 30
| Particulars | Amount$ |
| Materials inventory,November 1 | 64,900 |
| Add : materials purchased | 490,900 |
| Cost of materials available for sale | 555,800 |
| Less : Materials inventory,november 30 | 81,300 |
| Cost of Direct material used | 474,500 |
Therefore, cost of direct materials used in production by Okaboji Manufacturing Company during the month ended november 30 is $474,500
balaji rao answered 2 years agoRelated Solutions
Okaboji Manufacturing Company reported the following materials data for the month ending November 30: Materials purchased...
Okaboji Manufacturing Company reported the following materials
data for the month ending November 30:
Materials purchased $178,600
Materials inventory, Novermber 1 $56,400
Materials inventory, November 30 $47,000
Determine the cost of direct materials used in production by
Okaboji during the month ended November 30.
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw
materials
$
26,800
$
22,800
Work in
process
$
18,800
$
11,800
Finished
Goods
$
49,800
$
57,800
Additional information:
Raw materials
purchases
$
73,800
Direct labor
cost
$
93,800
Manufacturing
overhead cost incurred
$
43,980
Indirect
materials included in manufacturing overhead cost incurred
$
4,180
Manufacturing
overhead cost applied to Work in Process
$
42,800
Any underapplied or overapplied manufacturing overhead is closed
out...
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw materials
$
26,500
$
22,500
Work in process
$
18,500
$
11,500
Finished Goods
$
49,500
$
57,500
Additional information:
Raw materials purchases
$
73,500
Direct labor cost
$
93,500
Manufacturing overhead cost incurred
$
43,650
Indirect materials included in manufacturing overhead cost
incurred
$
4,150
Manufacturing overhead cost applied to Work in Process
$
42,500
Any underapplied or overapplied manufacturing overhead is closed
out...
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw materials
$
26,800
$
22,800
Work in process
$
18,800
$
11,800
Finished Goods
$
49,800
$
57,800
Additional information:
Raw materials purchases
$
73,800
Direct labor cost
$
93,800
Manufacturing overhead cost incurred
$
43,980
Indirect materials included in manufacturing overhead cost
incurred
$
4,180
Manufacturing overhead cost applied to Work in Process
$
42,800
Any underapplied or overapplied manufacturing overhead is closed
out...
Bledsoe Corporation has provided the following data for the month of November: Beginning Ending Raw materials...
Bledsoe Corporation has provided the following data for the
month of November:
Beginning
Ending
Raw materials
$
25,800
$
21,800
Work in process
$
17,800
$
10,800
Finished Goods
$
48,800
$
56,800
Additional information:
Raw materials purchases
$
72,800
Direct labor cost
$
92,800
Manufacturing overhead cost incurred
$
42,880
Indirect materials included in manufacturing overhead cost
incurred
$
4,080
Manufacturing overhead cost applied to Work in Process
$
41,800
Any underapplied or overapplied manufacturing overhead is closed
out...
DATA SECTION: For the Month Ended November 30, 2017 Balance Balance November 1 November 30 Raw...
DATA SECTION:
For the Month Ended November 30, 2017
Balance Balance
November 1 November 30
Raw Material Inventory $ 5,600 $ 4,100
Work in Process Inventory 10,200 12,800
Finished Goods Inventory 8,100
6,700
Purchases of Raw Materials $63,000
Direct Manufacturing Labor 15,000
Indirect Manufacturing Labor 32,000
Plant Insurance 8,000
Depreciation Expense - Plant, Building, and Equip. 22,000
Repairs and Maintenance - Plant 7,200
Marketing, Distribution, and Customer-Service Costs 24,000
General and Administrative Costs 19,200
Revenue 258,300...
Assume that The AM Bakery is preparing a budget for the month ending November 30. Management...
Assume that The AM Bakery is preparing a budget for the month
ending November 30. Management prepares the budget by starting with
the actual results for August that is shown below. Then,
management considers what the differences in costs will be between
August and November.
THE AM BAKERY
Bakery sales
Actual and Budgeted Costs
For the Month Ending August 31
Actual
Ingredients
Flour
$
3,980
Butter
3,580
Oil
1,940
Fruit
1,540
Nuts
980
Chocolate
1,200
Other
800
Total ingredients
$...
Exercise #3: A Manufacturing Company has the following data at June 30, 2018: Raw materials...
Exercise #3: A Manufacturing Company has the
following data at June 30, 2018:
Raw materials inventory, June
1
$ 13,800
Work in process inventory, June
1
18,100
Finished goods inventory, June
1
43,500
Total manufacturing
costs
510,000
Sales
590,000
Work in process inventory, June
30
30,400
Finished goods inventory, June
30
50,200
Raw materials inventory, June
30
18,000
Instructions
Using the above data, prepare an
income statement through gross profit for...
Toronto Manufacturing Ltd. has the following cost and production data for the month of November. Beginning...
Toronto Manufacturing Ltd. has the following cost and production
data for the month of November.
Beginning WIP 16,400 units
Started in production 103,400
Completed production 90,600
Ending WIP 29,200
The ending inventory was 40% complete for conversion costs.
Materials are added at the beginning of the process.
Costs pertaining to the month of November are as follows:
Beginning inventory costs are: Materials $63,100 Direct labour
21,900 Factory overhead 15,900
Costs incurred during November include: Materials $559,860
Direct labour 195,000 Factory...
On November 30, the end of the first month of operations, Weatherford Company prepared the following...
On November 30, the end of the first month of operations,
Weatherford Company prepared the following income statement, based
on the absorption costing concept: Weatherford Company Absorption
Costing Income Statement For the Month Ended November 30 1 Sales
(22,000 units) $2,200,000.00 2 Cost of goods sold: 3 Cost of goods
manufactured (25,200 units) $2,016,000.00 4 Inventory, November 30
(3,200 units) (256,000.00) 5 Total cost of goods sold 1,760,000.00
6 Gross profit $440,000.00 7 Selling and administrative expenses
160,000.00 8 Income...
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