In: Accounting
Swifty Fabricators produces protective covers for smart phones. Since the covers must be customized to each smart phone model, Swifty uses a job order costing system. On September 1, the company reported the following inventory balances:
Direct Materials | $34,200 | ||
Work in Process | $154,000 | ||
Finished Goods | $265,000 |
During September, the following events occurred:
1. | Swifty purchased direct materials costing $420,000 on account. | ||
2. | Swifty used $427,000 in direct materials in production. | ||
3. | Swifty’s employees clocked 24,000 direct labor hours at an average wage rate of $11.52 per direct labor hour. | ||
4. | The company incurred $170,000 in manufacturing overhead, including $23,000 in indirect labor costs. | ||
5. | Using direct labor hours as the application base, the company applied $169,000 of manufacturing overhead to jobs worked on in September. | ||
6. | The company completed production on jobs costing $860,000. | ||
7. | The company delivered jobs costing $1,078,000 to customers. |
Calculate the ending September balance of the Direct Materials, Work in Process, and Finished Goods Inventory accounts.
Ending September Balance | |||
---|---|---|---|
Direct Materials | $Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount | ||
Work in Process | $Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount | ||
Finished Goods | $Enter a dollar amount Enter a dollar amount Enter a dollar amount Enter a dollar amount |
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Calculate total manufacturing costs for September.
Total manufacturing costs | $Enter total manufacturing costs in dollars Enter total manufacturing costs in dollars Enter total manufacturing costs in dollars Enter total manufacturing costs in dollars |