Help i System Announcements Testbank Exercise 2 Purple Bear, Inc. produces boat

Question

Help i System Announcements Testbank Exercise 2 Purple Bear, Inc. produces boat motors. Janice Smyth, the company's controller has provided you with the following information. Beginning balance, Direct Materials Inventory Ending balance, Direct Materials Inventory Beginning balance, Work in Process Inventory Ending balance, Work in Process Inventory Direct Labor Manufacturing Overhead Direct materials purchased $78,000 72,000 125,000 128,000 760,000 350,000 850,000 Using the above cost information, prepare a cost of goods manufactured schedule. Purple Bear, Inc. Schedule of Cost of Goods Manufactured Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Purple Bear, Inc. Schedule of cost of goods manufactured Beginning balance, direct material inventory $    78,000 Add: Direct material purchases $ 850,000 Less: Ending balance, Direct materials inventory $    72,000 $ 856,000 Add: Beginning balance, work in process inventory $ 125,000 Less: Ending balance, work in process inventory $ 128,000 Cost of goods manufactured $ 853,000

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