value: 1.25 points Selected information from the Blake Corporation accounting re

Question

value: 1.25 points Selected information from the Blake Corporation accounting records for June follows: Materials Inventory Work-In-Process Inventory BB (6/1) 80,000 Labor 500,000 EB(6/30) 450,000 452,000 407,000 Finished Goods Inventory Cost of Goods Sold BB (6/1) 282,000 827,000 824,000 15,000 Manufacturing Overhead Control Applied Manufacturing Overhead 235,000 250,000 235,000 15,000 235,000 Additional information for June follows: Labor wage rate was $40 per hour. During the month, sales revenue was $1,030,000, and selling and administrative costs were $227,000 This company has no indirect materials or supplies. The company applies manufacturing overhead on the basis of direct labor hours. Required

Explanation / Answer

a) 452000 ( Cost of materials purchased)

b) Overapplied manufacturing overhead 15000

d) cost of product completed = 824000

e) 500000

f) Profit = 1030000-824000-15000 = 191000

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