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How to get the Direct Labor Cost
I have looked over my chapter several times to find the direct labor cost and I feel like I'm missing something.
Here is the question: O'Hara Manufacturing Inc.'s cost of goods sold for the month ended July 31 was $345,000. The ending work in progress inventory was 90% of the beginning work in progress inventory. Factory overhead was 50% of the direct labor cost. Other information pertaining to O'Hara's inventories and production for the month of July is as follows: Beginning inventories, July1: Direct materials... $20,000 Work in progress... 40,000 Finished Goods... 102,000 Purchases of direct materials during July... 110,000 Ending inventories, July 31 Direct materials... 26,000 Work in progress.. Finished goods... 105,000 Required: 1. Prepare a statement of cost of goods manufactured for the month of July. |
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