1 The Balances In The Perpetual Inventory Accounts Of Valley View Manufacturing Corp 2633267

1. The balances in the perpetual inventory accounts of Valley view Manufacturing Corporation at the beginning and end of the current year are as follows:

End of Year

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Beginning of Year

Inventory accounts:

Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$15,000

$25,000

Work in Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,000

8,000

Finished Goods Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

24,000

30,000

Total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activities are as follows:

Debit Entries

Credit Entries

Account:

Materials Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$225,000

$ ?

Direct Labour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

200,000

210,000

Manufacturing Overhead . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

420,000

420,000

Work in Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

?

?

Finished Goods Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

?

?

Instructions

  1. Using these data, state or compute for the year the following amounts:
    1. Direct materials purchased.
    2. Direct materials used.
    3. Payments of direct labour payrolls.
    4. Direct labour cost assigned to production.
    5. The overhead assigned to production stated as a percentage of direct labour costs.
    6. Total manufacturing costs charged to the Work in Process Inventory account during the year.
    7. The cost of finished goods manufactured.
    8. The cost of goods sold.