Pharoah Company reported the following amounts for 2022:Raw materials purchased$92,960Beginning Raw Materials Inventory 5,824Ending Raw Materials Inventory5,040Calculate the cost of materials used in production.Cost of materials used $Ending Work in Process InventoryManufacturing overhead costs appliedBeginning Work in Process Inventory$7,05640,3206,832

The materials available for use are calculated as the sum of beginning inventory and materials…

Pharoah Company reported the following amounts for 2022: Raw materials purchased Beginning Raw Materials Inventory Ending Raw Materials Inventory $92,960 Ending Work in Process Inventory 5,824 Manufacturing overhead costs applied 5,040 Beginning Work in Process Inventory Calculate the cost of materials used in production. Cost of materials used $7,056 40,320 6,832

Pharoah Company reported the following amounts for 2022: Raw materials purchased Beginning Raw Materials Inventory Ending Raw Materials Inventory $92,960 Ending Work in Process Inventory 5,824 Manufacturing overhead costs applied 5,040 Beginning Work in Process Inventory Calculate the cost of materials used in production. Cost of materials used $7,056 40,320 6,832

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 3EB: A company has 100 units in ending work in process that are 40% complete after transferring out 750...

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During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
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