Material Purchase Essay

250 words - 1 page

Material purchases were $ 325,000
Direct Labor was $ 220,000
sales were $ 1,350,000
gross margin was 30% of sales
cost of goods available for sale was $ 1,020,000 at cost.
prime costs were $ 545,000 up to the time of the damage and that manufacturing ...view middle of the document...


Facts -
R/M Purchases - 325,000
DL - 220,000
Cost of Goods Sold = 70% of Sales, or 945,000
Cost of Goods Available for sale - 1,020,000
Prime cost - 545,000 (given) less 220,000 DL means DM was 325,000
MOH = 65% of CC, so DL was 35%. DL of 220,000 / .35 = 628,571 CC, and MOH was 408,571

Raw Matl - BB 41,000 + 325,000 - 325,000 to WIP = EB 41,000
WIP - BB 56,000 + DM 325,000 + DL 220,000 + MOH 408,571= 1,009,571 Cost of Goods Mfd
FG - BB 35,000 + 985,000 from WIP = 1,020,000 Available for Sale less CGS 945,000 = EB 75,000

WIP - Cost of Goods Mfd (above) 1,009,571 less transfers to FG 985,000 = 24,571 EB

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