The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 30: Purchases of direct materials $55,000 Direct materials used $45,000 Direct labor costs assigned to production $20,000 Manufacturing overhead costs incurred (and applied) $30,000 Balances in inventory August 30 August 1 Materials $? $20,000 Work in Process $60,000 $42,000 Finished Goods $55,000 $38,000 40. Total manufacturing costs charged (debited) to work in process during August amount to: a. $100,000. b. $110,000. c. $95,000. d. Some other amount.
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 30: Purchases of direct materials $55,000 Direct materials used $45,000 Direct labor costs assigned to production $20,000 Manufacturing overhead costs incurred (and applied) $30,000 Balances in inventory August 30 August 1 Materials $? $20,000 Work in Process $60,000 $42,000 Finished Goods $55,000 $38,000 40. Total manufacturing costs charged (debited) to work in process during August amount to: a. $100,000. b. $110,000. c. $95,000. d. Some other amount.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 30:
| Purchases of direct materials | $55,000 | |
| Direct materials used | $45,000 | |
| Direct labor costs assigned to production | $20,000 | |
| Manufacturing |
$30,000 | |
| Balances in inventory | August 30 | August 1 |
| Materials | $? | $20,000 |
| Work in Process | $60,000 | $42,000 |
| Finished Goods | $55,000 | $38,000 40. |
Total
a. $100,000.
b. $110,000.
c. $95,000.
d. Some other amount.
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