# 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 _________

 Let Cost of goods manufactured be x TMC=70%*X 28000=70%*X Cost of good manufactured 40000 (28000/.7) Work iN Process , Jan 31 27000 Add: Total manufacturig cost 28000 55000 Work iN Process , Feb 28 15000 (55000-15000) 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-.5i=2700 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 ans 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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