StorSmart Company makes plastic organizing bins. The company has the following i

Question

StorSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March Beginning Inventory Ending Inventory Raw materials Work in process Finished goods 533,000 25,000 60,000 $22,000 44,000 58,000 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Actual manufacturing overhead costs Sellling, general, and administrative expenses $84,000 10,000 55,000 85,000 86,000 58,000 450,000 Sales revenue 1. Calculate the DM used during March. 2. Calculate the COGM for March. 3. Calculate the unadjusted COGS for March. 4. What was the NOI for March? Do NOT close the OH account. This is not the end of the year RM Used Beg Complete DM DL App MOH End End FG Beg COGM End Sell Unadj Adj MOH Actual Applied

Explanation / Answer

1.

2.,3

4

Materials used: Amount Direct material used: Opening balance        33,000 Add: purchases        84,000 Materials available     1,17,000 Less: closing inventory        22,000 Total materials used        95,000

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