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Phoenix [80]
3 years ago
9

Sound Company reported the following amounts for May: Raw materials purchased $254,000 Beginning raw materials inventory 12,000

Ending raw materials inventory 7,900 Direct labor incurred 51,000 Indirect materials requisitioned and used 4,000 Actual manufacturing overhead costs 36,800 Beginning work-in-process inventory 15,100 Ending work-in-process inventory 12,000 How much is the cost of direct materials used in production
Business
1 answer:
Alchen [17]3 years ago
3 0

Answer:

The answer is $254,100

Explanation:

$254,100.

We begin by summing the Beginning raw materials inventory of $ 12,000 with the Raw materials purchased 254,000

12,000 + 254000

= Materials available = $266,000

Less ending raw materials inventory 7,900

Less indirect materials used 4,000

7,900 + 4000

=11,900

We have to subtract 11,900 from 266,000

= 266000 - 11900

=$254,100

Direct materials used in production

$254,100

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1. The preparation of the balance sheet is presented below:

                               <u> Squirrel tree services</u>

<u>                                           Balance sheet</u>

<u>                          For the year ended December, 31, 2021</u>

<u>Liabilities                               Amount             Assets                    Amount </u>

<u>and stockholder equity</u>

Liabilities

Account payable                  $15,100        Cash                            $9,500

Salaries payable                   $5,300         Supplies                     $3,600

Note payable                        $38,000       Prepaid insurance    $5,300

Total liabilities                       $58,400      Building                       $90,000

Equity

Common stock                     $40,000

Retained earnings                 $10,000

Total equity                            $50,000

Total liabilities & equity          $108,400   Total assets              $108,400

2. The preparation of the cash flow statement is presented below:

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<u>                                    Cash flow statement</u>

<u>                          For the year ended December, 31, 2021</u>

Particulars                    Amount ($)             Amount ($)

Cash flow from operating activities-  

Cash inflows  customers  96,000  

Cash outflows salaries      (40,000)  

Cash outflows supplies     (22,000)  

Net Cash flow from operating activities (A)     34,000

Cash flow from investing activities-  

Sale of investments                   35,800  

Purchase of building                 (98,000)  

Net Cash flow from investing activities (B)     (62,200)

Cash flow from financing activities  

Borrowed from bank                      38,000  

Dividends                                      (15,500)  

Net Cash flow from financing activities (C)             22,500

Net increase in cash (A+B+C)                   (5,700)

Add: Cash at beginning of year                 15,200

Cash at end of year                                     9,500

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