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Author Question: Barr Manufacturing produces protective covers for eBookReaders. Since the covers must be customized ... (Read 86 times)

jrobl3

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Barr Manufacturing produces protective covers for eBookReaders. Since the covers must be customized to each eBookReaders model, Barr uses a job order costing system. On October 1, the company reported the following inventory balances:

Direct Materials Inventory$30,000
Work in Process Inventory145,000
Finished Goods Inventory250,000

During October, the following events occurred:

1.Barr purchased direct materials costing $410,000 on account.
2.Barr used $425,000 in direct materials in production.
3.Barr's employees clocked 17,000 direct labor hours at an average wage rate of
$10.00 per direct labor hour.
4.The company incurred $169,000 in manufacturing overhead, including $20,000 in
indirect labor costs.
5.Using direct labor hours as the application base, the company applied $162,000 of
manufacturing overhead to jobs worked on in October.
6.The company completed production on jobs costing $860,000.
7.The company delivered jobs costing $1,070,000 to customer.

Required:

a.Calculate the ending October balance of the Direct Materials, Work in Process,
and Finished Goods Inventory accounts.
b.Calculate total manufacturing costs for October.


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Marked as best answer by jrobl3 on Feb 5, 2023

jbsuccess1

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jrobl3

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Reply 2 on: Feb 5, 2023
Great answer, keep it coming :)


deja

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Reply 3 on: Yesterday
:D TYSM

 

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