Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

Exercise 33

The following T accounts summarize the flow of manufacturing costs during the current year through the ledger accounts of Payback Corporation:

Instructions
From the data supplied above, indicate the following amounts. Some amounts are shown in the T accounts above; others require short computations. (Show all computations.)
a. Purchases of direct materials during the year.
b. The cost of direct materials used.
c. Direct labor payrolls paid during the year.
d. Direct labor costs assigned to production.
e. The overhead assigned to production as a percentage of direct labor costs.
f. Total manufacturing costs charged to the Work in Process Inventory account during the current year.
g. The cost of finished goods manufactured.
h. The cost of goods sold.
i. The total costs to be classified as inventory in the year-end balance sheet.