Question

Data for the cost of direct materials for the month ended March 31, 2019, are as...

Data for the cost of direct materials for the month ended March 31, 2019, are as follows:

Materials inventory, March 1, 2019
 $76,000
Materials inventory, March 31, 2019
 70,000

During March, the company purchased $260,000 of raw materials on account from Reed Company and $92,000 of raw materials for cash from Frye Company. In addition, $50,000 was paid on the Reed account balance.

Compute the cost of direct materials used during March.


Cost of direct materials during March $
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Solution :

Cost of Direct Material Used = Opening Inventory + Purchases of Inventory - Closing Inventory

Purchases of Inventory = Purchases from Reed Company + Purchases from Frye Company

Purchases of Inventory = $ 260,000 + $ 92,000

Purchases of Inventory = $ 352,000

Cost of Direct Material Used = $ 76,000 + $ 352,000 - $ 70,000

Cost of Direct Material Used = $ 358,000.

Note : Payment made to reed company is not the purchases.

Please vote up and write your doubts in comment section. Would be glad to help you further.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month,...
1. Wedd Corporation had $35,000 of raw materials on hand on May 1. During the month, the company purchased an additional $68,000 of raw materials. During May, $92,000 of raw materials were requisitioned from the storeroom for use in production. These raw materials included both direct and indirect materials. The indirect materials totaled $5,000. The debits to the Work in Process account as a consequence of the raw materials transactions in May total: 2. Desrevisseau Inc., a manufacturing company, has...
Zoe Corporation has the following information for the month of March. Cost of direct materials used...
Zoe Corporation has the following information for the month of March. Cost of direct materials used in production $16,558 Direct labor 25,121 Factory overhead 35,259 Work in process inventory, March 1 22,807 Work in process inventory, March 31 18,078 Finished goods inventory, March 1 22,097 Finished goods inventory, March 31 25,457 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold. $
Zoe Corporation has the following information for the month of March: Cost of direct materials used...
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,041 Direct labor 28,314 Factory overhead 39,747 Work in process inventory, March 1 17,360 Work in process inventory, March 31 18,851 Finished goods inventory, March 1 23,602 Finished goods inventory, March 31 27,787 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold. $
Timbuk 3 Company has the following information for March: Cost of direct materials used in production...
Timbuk 3 Company has the following information for March: Cost of direct materials used in production $63,000 Direct labor 76,000 Factory overhead 22,000 Work in process inventory, March 1 53,000 Work in process inventory, March 31 40,660 Finished goods inventory, March 1 31,000 Finished goods inventory, March 31 19,000 a. For March, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Timbuk 3 Company Statement of Cost of Goods Manufactured $...
A partial worksheet for the month ended March 31, 2019 is shown below. No additional owner...
A partial worksheet for the month ended March 31, 2019 is shown below. No additional owner investments were made during the month.    INCOME STATEMENT BALANCE SHEET ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT   Cash 10,700   Accounts Receivable 14,400   Supplies 7,200   Equipment 33,400   Accum. Depr.—Equip. 9,700   Accounts Payable 9,850 Amy Zimmer, Capital 40,500 Amy Zimmer, Drawing 3,700   Fees Income 31,800   Salaries Expense 15,600   Rent Expense 2,700   Supplies Expense 1,450   Depr. Exp.—Equip. 2,700   Totals 22,450 31,800 69,400 60,050   Net Income 9,350 9,350...
Data: Water Gear Shaping Department Month Ended May 31 Flow of Equivalent Units Physical Direct Conversion...
Data: Water Gear Shaping Department Month Ended May 31 Flow of Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Units to account for: Beginning work in process, May 1 0 Started in production during May 66,000 Total physical units to account for 66,000 Units accounted for: Completed and transferred out during May 50,000 50,000 50,000 Ending work in process, May 31 16,000 16,000 4,800 * Total physical units accounted for 66,000 Total equivalent units 66,000 54,800 *16,000...
Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are...
Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $25,000; factory rent, $32,000; factory utilities, $20,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $685,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for...
Clemmens Company applies overhead based on direct labor cost. Estimated overhead and direct labor costs for the year were $113,500 and $125,100, respectively. During the year, actual overhead was $107,500 and actual direct labor cost was $119,000. The entry to close the over- or underapplied overhead at year-end, assuming an immaterial amount, would include (Round predetermined overhead rate to nearest whole percentage.) Multiple Choice A debit to Work in Process Inventory for $790. A credit to Factory Overhead for $790....
Cost of Direct Materials Used in Production for a Manufacturing Company Okaboji Manufacturing Company reported the...
Cost of Direct Materials Used in Production for a Manufacturing Company Okaboji Manufacturing Company reported the following materials data for the month ending November 30: Materials purchased $244,300 Materials inventory, November 1 77,200 Materials inventory, November 30 64,300 Determine the cost of direct materials used in production by Okaboji during the month ended November 30. $
Zoe Corporation has the following information for the month of March: Cost of direct materials used...
Zoe Corporation has the following information for the month of March: Cost of direct materials used in production$15,500 Direct labor28,666 Factory overhead38,653 Work in process inventory, March 118,914 Work in process inventory, March 3121,246 Finished goods inventory, March 121,392 Finished goods inventory, March 3127,488 a. Determine the cost of goods manufactured. $ b. Determine the cost of goods sold. $
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT