total manufacturing costs charged debited to work in proces

total manufacturing costs charged ( debited) to work in process during august amount to

Required information (The following information applies to the questions displayed below.] The following information has been taken from the perpetual inventory system of Elite Mfg. Co. for the month ended August 31: Purchases of direct materials Direct materials used Direct labor costs assigned to production Manufacturing overhead costs incurred (and applied) $79,000 $67,000 $21,000 $35,000 Balances in inventory Materials Work in Process Finished Goods August 31 August 1 ? 42,000 $63,000 56,500 $68,000 48,700 The total amount of inventory to be included in Elite\'s August 31st balance sheet amounts to:

Solution

materials, August 1 $          42,000 Add: Purchase of direct material $          79,000 Materials available for use $        121,000 Less: materials used $        (67,000) materials, August 31 $          54,000 August 31 materials $          54,000 Work in process $          63,000 Finished goods $          68,000 Total amount of inventory $        185,000 To be shown in balance sheet Direct Materials used $          67,000 Direct labor costs assigned to production $          21,000 manufacturing overhead costs incurred (and applied) $          35,000 Total manufacturing costs charged $        123,000 Debited to WIP