Hi... new here... found this site because I'm in some serious need of help, haha.
I have a test coming up and am REALLY lost on some things... I know a few probs on the test will look like the one I'm about to post... If anyone would like to help me to understand how to properly operate this problem, I would be quite grateful... as I said, the awnser is great, but if someone could please explain the way it works out so I can see it laid out for me, that would be great because I need to know what I'm doing as I have a few questions of this sort to awnser, and I got to get a hang of this before the test... thanks for any help!
Mat Company's cost of good sold for the month endedMarch 3119X4 were $345,000. Ending work in process inventory was 90% of beginning work in process inventory. Factory overhead was applied at 50% of direct labor cost. Other information pertaining to Mat Company's inventories and production for the month of March is as follows:
Beginning inventories - March 1
Direct Materials... 20,000
Work in Process... 40,000
Finished goods... 102,000
Purchaes of direct materials during March... 110,000
Ending inventories - March 31st
Direct Materials... 26,000
Work In Process..?
Finished goods... 105,000
Prepare a schedule showing the cost of goods manufactured for the month of march.
