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20 February, 05:47

Miyose Corporation, a manufacturing company, has provided the following data for the month of June: Raw materials purchased during June totaled $67,000 and the cost of goods manufactured totaled $124,000. Inventories: Beginning Ending Raw Materials $ 23,000 $ 21,000 Finished Goods $ 32,000 $ 37,000 Required (round to nearest dollar with no decimal places) a. What was the cost of direct materials used in production during June? $ b. What was the cost of goods sold for June? Show your work. $

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  1. 20 February, 08:21
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    a) Cost of direct material used = $69,000

    b) cost of goods sold for June = $119,000

    Explanation:

    Data provided in the question:

    Raw materials purchased during June = $67,000

    Cost of goods manufactured = $124,000

    Beginning Ending

    Raw Materials $23,000 $21,000

    Finished Goods $32,000 $37,000

    Now,

    a) Cost of direct material used = Raw material available - Ending raw material

    = (Beginning Raw Materials + Raw materials purchased) - Ending raw material

    = $23,000 + $67,000 - $21,000

    = $69,000

    b) cost of goods sold for June

    = Cost of goods available for sale - Ending Finished Goods

    = $124,000 + $32,000 - $37,000

    = $119,000
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