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Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period Account Materials Inventory Work in Process Inventory Finished Goods Inventory Jan. 31 $2,700 50% of materials inventory on Jan. 31 $12,600 3 times the direct labor incurred $28,700 Account Balances 27,000 70% of Cost of Goods Manufactured $9,000 less than Cost of Goods Sold Feb. 28 Costs Incurred Direct Materials Used Direct Labor Incurred 16,500 Factory Overhead Incurred Cost of Goods Sold

Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period Account Materials Inventory Work in Process Inventory Finished Goods Inventory Jan. 31 $2,700 50% of materials inventory on Jan. 31 $12,600 3 times the direct labor incurred $28,700 Account Balances 27,000 70% of Cost of Goods Manufactured $9,000 less than Cost of Goods Sold Feb. 28 Costs Incurred Direct Materials Used Direct Labor Incurred 16,500 Factory Overhead Incurred Cost of Goods Sold

Managerial Accounting: The Cornerstone of Business Decision-Making
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter5: Activity-based Costing And Management
Section: Chapter Questions
Problem 57P: Customers as a Cost Object Morrisom National Bank has requested an analysis of checking account...
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Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period Account Materials Inventory Work in Process Inventory Finished Goods Inventory Account Balances Jan. 31 $2,700 50% of materials inventory on Jan. 31 $12,600 3 times the direct labor incurred $28,700 70% of Cost of Goods Manufactured $9,000 less than Cost of Goods Sold 27,000 Feb. 28 Costs Incurred Direct Materials Used Direct Labor Incurred 16,500 Factory Overhead Incurred Cost of Goods Sold
Transcribed Image Text:Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period Total manufacturing costs incurred in period Total manufacturing costs incurred in period Account Materials Inventory Work in Process Inventory Finished Goods Inventory Account Balances Jan. 31 $2,700 50% of materials inventory on Jan. 31 $12,600 3 times the direct labor incurred $28,700 70% of Cost of Goods Manufactured $9,000 less than Cost of Goods Sold 27,000 Feb. 28 Costs Incurred Direct Materials Used Direct Labor Incurred 16,500 Factory Overhead Incurred Cost of Goods Sold
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