Chavez Corporation reported the following data for the month of July:Inventories: BeginningEndingRaw materials$27,000$30,000Work in process$16,000$17,000Finished goods$32,000$47,000 Additional information: Raw materials purchases$66,000Direct labor cost$91,000Manufacturing overhead cost incurred$59,000Indirect materials included in manufacturingoverhead cost incurred 8,000Manufacturing overhead cost applied to Work in Process$58,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for July is:
A. $204,000
B. $216,000
C. $203,000
D. $215,000
Answer: C
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Blanton Company bought equipment on January 1, 2012, with a cost of $160,000, an estimated residual value of $40,000, and an estimated life of 15 years was depreciated by the straight-line method for 4 years. Due to obsolescence, it was determined at the beginning of 2016 that the useful life should be shortened by 3 years and the residual value changed to zero. What is the accumulated
depreciation at the end of 2015? a. $42,667 b. $32,000 c. $40,000 d. $8,000
A group's demographics includes information about age, sex, and income, for example
Indicate whether the statement is true or false
Refer to the following bank reconciliation
Bank Book Balance, June 30, 2017 $11,240 Balance, June 30, 2017 $10,200 Add: Add: Deposit in transit 3,110 Note collected by bank 2,100 Interest revenue 55 Less: Less: Outstanding checks #506 1,200 NSF check 85 Outstanding checks #510 900 Bank service charge 20 ________ ________ Adjusted balance, Adjusted balance, June 30, 2017 $12,250 June 30, 2017 $12,250 Journalize the adjusting entry for the fourth reconciling item: Bank service charge. What will be an ideal response
The following transactions apply to Wilson Fitness Center for Year 1.1) Started the business by issuing $48,000 of common stock for cash.2) Provided services to clients and received $65,500 cash.3) Borrowed $10,500 from the bank.4) Paid $8,500 for rent of equipment.5) Purchased land for $15,000.5) Paid $46,600 of salary expense.6) Cash dividends of $4,000 were paid to the stockholders.Required: a) What are the total assets of the business at the end of Year 1?b) Prepare a statement of cash flows for Year 1.
What will be an ideal response?