3) The Flow of Manufacturing Costs. The \"fow\" of manufacturing costs through t

Question

3) The Flow of Manufacturing Costs. The "fow" of manufacturing costs through the ledger of LB Enternnize, Co. during the month of August is summarized in the following T accounts. Certain am have been omitted and represented are represented by question marks. (1O POINTS-I pt ea. for 1-5 and (a) to () Materials Inventory Work in Process Inventory Beg. Bal. 36,000 Beg. Bal. 19,000 30,000 99,000 3. FI End Bal. 24,000 End. Bal. 8,000 Direct Labor Finished Goods Inventory Beg. Balo Beg. Bal. 69,000 25,000 31,000 End Bal.2 End. Bal. 79,000 Cost of Goods Sold Manufacturing Overhead Beg. Bal. 0 Beg. Bal.0 26,000 26,000 End Bal. 0

Explanation / Answer

Materials Inventory Work in Process Inventory Beg. Bal. 36000 Beg. Bal. 19000 30000 1 42000 99000 3 110000 End. Bal. 24000 End. Bal. 8000 Direct Labor Finished Goods Inventory Beg. Bal. 0 Beg. Bal. 69000 25000 31000 4 110000 5 100000 End. Bal. 2. 6000 End. Bal. 79000 Manufacturing Overhead Cost of Goods Sold Beg. Bal. 0 Beg. Bal. 0 26000 26000 100000 End. Bal. 0 1 $42000 2 $6000 3 $110000 4 $110000 5 $100000 (a) The amount of direct materials purchased during the month: $30000 (b) The amount of direct labor cost assigned to production: $31000 (c) The amount of manufacturing costs incurred during the period: $26000 (d) The cost of finished goods manufactured during the month: $110000 (e) The cost of goods sold during the month: $100000

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