Eston Help Justine Industries is calculating its Cost of Goods Manufactured at year-end. Justine's accounting records...

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eston Help Justine Industries is calculating its Cost of Goods Manufactured at year-end. Justine's accounting records show the following. The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $12,000. During the year, the company purchased $59,000 of direct materials. Direct labor for the year totaled $115,000, while manufacturing overhead amounted to $155,000. The Work in Process Inventory account had a beginning balance of $30,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials Compute the Cost of Goods Manufactured for the year. (Hint The first step is to calculate the direct materials used during the year.) Start by calculating the direct materials used during the year. Justine Industries Calculation of Direct Materials Used For Current Year Plus: Choose from any list or enter any number in the input fields and then click Check Answer Justine Industries is calculating its Cost of Goods Manufactured at year-end. Justine's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $12,000. During the year, the company purchased 559,000 of direct materials. Direct labor for the year totaled $115,000, while manufacturing overhead amounted to $155,000. The Work in Process Inventory account bad a beginning balance of $30,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials Compute the Cost of Goods Manufactured for the year (Hint: The first step is to calculate the direct materials used during the year.) Calculation of Direct Materials Used For Current Year Plus: Less: Direct materials used Choose from any list or enter any number in the input fields and then click Check Answer

 · Answer

Calculation of direct material used          For current year          Opening stock      45,000          Plus:- Purchase made      59,000          Less:- Closing stock  (33,000)          Direct Material used      71,000                   Material wise calculation            For Raw Material          Calculation of direct material used          For current year          Opening stock of Raw material      15,000          Plus:- Purchase made      59,000          Less:- Closing stock of raw material  (12,000)          Cost of raw material used      62,000                                  For work in progress          Calculation of direct material used          For current year          Opening stock of work in progress      30,000          Plus:- Purchase made            -            Less:- Closing stock of work in progress  (21,000)          Cost of work in progress used        9,000                 .

Eston Help Justine Industries is calculating its Cost of Goods Manufactured at year-end. Justine's accounting records...

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	Calculation of direct material used
	For current year
	Opening stock	45,000
	Plus:- Purchase made	59,000
	Less:- Closing stock	(33,000)
	Direct Material used	71,000

Material wise calculation
	For Raw Material
	Calculation of direct material used
	For current year
	Opening stock of Raw material	15,000
	Plus:- Purchase made	59,000
	Less:- Closing stock of raw material	(12,000)
	Cost of raw material used	62,000


	For work in progress
	Calculation of direct material used
	For current year
	Opening stock of work in progress	30,000
	Plus:- Purchase made	-
	Less:- Closing stock of work in progress	(21,000)
	Cost of work in progress used	9,000