A firm uses backflush costing on a direct costing basis. It incurs the following costs this period (the firm has NO fixed overhead costs). • Direct materials costs: $20,000 Direct labor costs: $20,000 Variable overhead costs: $10,000 The firm's total units (completed and in process) is 1,839. The firm has 45 units in process and 96 unsold units in finished goods. The firm has $339 of unused raw materials left over at the end of the period. What is the balance of the Cost of Goods Sold account AFTER the firm backflushes costs to inventory accounts (round final answer to nearest cent if necessary)?

A firm uses backflush costing on a direct costing basis. It incurs the following costs this period (the firm has NO fixed overhead costs). • Direct materials costs: $20,000 Direct labor costs: $20,000 Variable overhead costs: $10,000 The firm's total units (completed and in process) is 1,839. The firm has 45 units in process and 96 unsold units in finished goods. The firm has $339 of unused raw materials left over at the end of the period. What is the balance of the Cost of Goods Sold account AFTER the firm backflushes costs to inventory accounts (round final answer to nearest cent if necessary)?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 4EB: Roper Furniture manufactures office furniture and tracks cost data across their process. The...

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