Costs and Balances At the end of February after the second month of operations of...
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Costs and Balances At the end of February after the second month of operations of Able Baker Charie Company Charies shows you the data he's collected, but he was unable to figure out some of the amounts. Review the following data and fil in the missing amounts on the chart for Able Baker Charlie Company Note: It may be heipful to use Taccounts 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 defermining the cost of materials used, otal manufacturing cost incumed, and cost of goods manufactured Data for February 53,600 50% of materials inventory on Jan. 31 511,700 3 times the direct labor incurred Materials inventory on Feb. 28 Direct materials purchased Direct materials used Total manufacturing costs incurred in period $29,400 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing costs incurred in period 7,000 less than Cost of Goods Sold Account Balances Account Jan. 31 Feb. 28 Costs Incurred Materials Inventory S Direct Materials Used Direct Labor Incurred S Factory Overhead IncurredS Cost of Goods Sold S 21,000 $17,000
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