Hula’s Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula’s purchased $1,450,000 of direct materials and placed $1,500,000 worth of direct materials into production. Hula’s beginning balance in the Materials Inventory account was $320,000. What is the ending balance in Hula’s Materials Inventory account?

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Beverley SmithLv2

14 May 2020

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A subsidiary of Puget Concrete, PugetBricks, manufactures custom bricks and applies job-order costing. The following information relates to the fiscal year ending December 31, 2017. Amount $ Beginning balance in Raw Materials Inventory 13,600 Purchases of raw material 211,000 Ending balance in Raw Materials Inventory 15,100 Beginning balance in Work in Process 18,700 Ending balance in Work in Process 16,500 Direct labor cost 78,600 Manufacturing overhead applied 47,900 Actual manufacturing overhead 44,800 Beginning balance in Finished Goods 26,200 Ending balance in Finished Goods 24,500 Sales 421,000 Selling expenses 115,400 General and administrative expenses 75,900 Required (a): How much is the cost of direct materials transferred into production? Required (b): How much is the cost of goods manufactured?

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Timekeeper Inc. manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials, and conversion costs. Each product must pass through the Assembly Department and the Testing Department. Direct materials are added at the beginning of the production process. Conversion costs are allocated evenly throughout production. Timekeeper Inc. uses weighted−average costing.

Data for the Assembly Department for June 2017 are:

Work in process, beginning inventory 380 units
Direct materials (100% complete)
Conversion costs (60% complete)
Units started during June 950 units
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Conversion costs (80% complete)

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Work in process, beginning inventory:
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