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Alexeev081 [22]
1 year ago
11

Direct Materials Used, Cost of Goods Manufactured In September, Lauren Ashley Company purchased materials costing $200,000 and i

ncurred direct labor cost of $120,000. Overhead totaled $325,000 for the month. Information on inventories was as follows:
September 1 September 30
Materials $120,000 $130,000
Work in process 80,000 90,000
Finished goods 70,000 65,000

Required:
1. What was the cost of direct materials used in September
2. What was the total manufacturing cost in September?
3. What was the cost of goods manufactured for September?
Business
1 answer:
kirill115 [55]1 year ago
8 0

Answer:

(a) $190,000

(b) $635,000

(c) $625,000

Explanation:

(a) Cost of material Consumed:

= Opening Stock of material + Purchases - Closing Material

= $1,20,000 + $200,000 - $130,000

= $190,000

(b) Total Manufacturing cost:

= Direct Material + Direct labor + Overhead

= $190,000 + $120,000 + $325,000

= $635,000

(c) Cost of goods manufactured:

= Total Manufacturing cost + Work in progress Beginning -  Work in progress End

= $635,000 + 80,000 - 90,000

= $625,000

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Answer:

• Under U.S. GAAP, companies recognize deferred tax assets and then reduce those assets with an offsetting valuation allowance if its is not more likely than not that the asset will be realized.

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Which of the following is NOT part of a successful quality​ strategy?
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Answer:

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