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

Question:

eston Help Justine Industries is calculating its Cost of Goods Manufactured at year-end. Justines accounting records show th
Justine Industries is calculating its Cost of Goods Manufactured at year-end. Justines accounting records show the following
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

Answers

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
.

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