The decision was made to use a process costing system. The first month of operation went fairly smoo
The decision was made to use a process costing system. The first month of operation went fairly smoothly, and the CFO is ready to prepare her journal entries but asked for your help because she has not done this before for a manufacturing company.
|
Data for month ending 1/31/200X |
|
|
Direct labor expended on jobs completed in month 1 |
$100,000 |
|
Direct material used up |
$500,000 |
|
Budgeted manufacturing overhead |
$2,000,000 |
|
Budgeted production volume |
4,000 units |
|
Actual production volume |
4,500 units |
|
Supplies, indirect labor, maintenance repair costs totaled |
$2,200,000 |
|
Beginning work in process inventory |
0 |
|
Ending work in process inventory |
|
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