At the end of February, after the second month of operation

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 2700
materials inventory on feb 28 50% of materials inventory on jan 31
direct materials purchaced 12000
direct materials used 3 tiems the direct labor incurred
TMC incurred in period 28000
TMC incurred in period 70% of Cost of Goods Manufactured
TMC inccurred in period 8000 less than Cost of goods sold
Account Jan 31 Feb 28
Materials Inventory _________ ____________
Work in process inventory 27,000 __________
Finshed goods Inventory _________ 16,000

Cost Incurred

Direct Materials Used ________________
Direct Labor Incurred _________
Factory Overhead Incurred __________
Factory Overhead Incrred __________
Cots of goods Sold _________

Expert Answer


Let Cost of goods manufactured be x
Cost of good manufactured 40000
Work iN Process , Jan 31 27000
Add: Total manufacturig cost 28000
Work iN Process , Feb 28 15000
Cost of good manufactured 40000
Cost of Good sold
Finsihed Goods Inventory, Jan 31 (64000-40000) 24000
Cost of good manufactured 40000
Cost of good available for sale (48000+16000) 64000
Less: Finsished Goods Inventory, Feb 28 16000
Cost of Good sold (40000+8000) 48000
Opening Material inventory be I
ending Material inventory be .5i
i=2700/.5 5400
Material Inventory, Jan 31 5400
Add: Purchases 12000
Material available 17400
Less: ending inevntory (5400*.5) 2700
Direct material used 14700
Direct labor 14700/3 4900
Factory overhead (40000-14700-4900) 20400
Account 31-Jan 28-Feb
Materials Inventory 5400 2700
Work in process inventory 27,000 15000
Finshed goods Inventory 24000 16,000
Cost Incurred
Direct Materials Used 14700
Direct Labor Incurred 4900
Factory Overhead Incurred 20400
Factory Overhead Incrred 20400
Cots of goods Sold 48000
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