Bisby Company manufactures fishing rods. At the beginning of July, the following informationwas supplied by its accountant:Raw materials inventory $40,000Work-in-process inventory 21,000Finished goods inventory 23,200During July, the direct labor cost was $43,500, raw materials purchases were $64,000, and thetotal overhead cost was $108,750. The inventories at the end of July were:Raw materials inventory $19,800Work-in-process inventory 32,500Finished goods inventory 22,100Required:1. What is the cost of the direct materials used in production during July?2. What is the cost of goods manufactured for July?3. What is the cost of goods sold for July?

On May 7, Lockmiller Company purchased on account 12,000 units of materials at $6 per unit. During May, raw materials were requisitioned for production as follows: 8,400 units for Job 275 at $6 per unit and 2,150 units for Job 310 at $4 per unit. Required:   Journalize the entry on May 7 to record the purchase and on May 31 to record the requisition from the materials storeroom. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.     Chart of Accounts     CHART OF ACCOUNTS Lockmiller Company General Ledger   ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 142 Prepaid Insurance…

In July, the cost of materials transferred into the Rolling Department from the Casting Department of Oak Ridge Steel Company is $544,900. The conversion cost for the period in the Rolling Department is $116,900 ($68,900 factory overhead applied and $48,000 direct labor). The total cost transferred to Finished Goods for the period was $590,000. The Rolling Department had a beginning inventory of $26,500. a1.  Journalize the cost of transferred-in materials.     fill in the blank 16e838059fb9033_2         fill in the blank 16e838059fb9033_4 a2.  Journalize the conversion costs. If an amount box does not require an entry, leave it blank.     fill in the blank a2acba089f98fcb_2 fill in the blank a2acba089f98fcb_3     fill in the blank a2acba089f98fcb_5 fill in the blank a2acba089f98fcb_6     fill in the blank a2acba089f98fcb_8 fill in the blank a2acba089f98fcb_9 a3.  Journalize the costs transferred out to Finished Goods.     fill in the…

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Beginning work in process, 12,000 units, 60% completed   $62,400 From Department A, 55,000 units started this period     Direct materials added   115,500 Direct labor incurred   384,915 Factory overhead incurred   138,000   During March, all direct materials were transferred in from Department A; the units in process at March 1 were completed and transferred to finished goods; and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Stevens uses the first-in, first-out cost flow method. Prepare a cost of production report for March. If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer. Stevens CompanyCost of Production Report—Department BFor the Month Ended March 31…

The towson company has gathered the following information for the month of September pertaining to its use of materials in Work in Process; beginning inventory had 4,500 (equivalent units of production) valued at $13,500; $202,000 of materials were added during th emonth ending inventory consisted of 16,000 (equivalent units of production) and 50,000 units were completed and transfered to the next department. What is the FIFO cost per equivalent units of production of materials added for the month of september? Round to the nearest $.001