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Rexford Company manufactures finger splints for kids who get tendonitis from playing video games…. 1 answer below » Rexford Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. ■ View complete question » Finished goods …………………………………………. January 1 $162,500 January 31 $152,100 Work in process ………………………………………… 305,500 326,300 Raw material ……………………………………………. 174,200 161,200 Rexford Company manufactures finger splints for kids who get tendonitis from playing video games. The firm had the following inventories at the beginning and end of the month of January. ■ Finished goods …………………………………………. January 1 $162,500 January 31 $152,100 Work in process ………………………………………… 305,500 326,300 Raw material ……………………………………………. 174,200 161,200 The following additional manufacturing data pertains to January operations. Raw material purchased …………………………………………………………….. $248,300 Direct labor …………………………………………………………………………….. 390,000 Actual manufacturing overhead …………………………………………………… 227,500 Actual selling and administrative expenses …………………………………….. 230,000 Rexford Company applies manufacturing overhead at the rate of 70 percent of direct-labor cost. Any overapplied or underapplied manufacturing overhead is accumulated until the end of the year. Required: Compute the following amounts. 1. The company’s prime cost for January. 2. The total manufacturing cost for January. 3. The cost of goods manufactured for January. 4. The cost of goods sold for January. 5. The balance in the Manufacturing Overhead account on January 31. Debit or credit? (CMA, adapted) View less » Dec 04 2015 02:32 P
