Question - Selected information from the Blake Corporation accounting records for June follows: Materials Inventory BB (6/1) 86,000 Labor 458,000 413,000 Work-In-Process Inventory EB(6/30) 510,000 Finished Goods Inventory Cost of Goods Sold BB (6/1) 288,000 833,000 830,000 21,000 Manufacturing Overhead Control Applied Manufacturing Overhead 320,000 341,000 320,000 320,000 21,000 Additional information for June follows:
- Labor wage rate was $20 per hour.
- During the month, sales revenue was $1,023,000, and selling and administrative costs were $233,000.
- This company has no indirect materials or supplies.
- The company applies manufacturing overhead on the basis of direct labor hours.
Required:
(a) What was the cost of direct materials purchased in June?
(b) What was the over- or underapplied manufacturing overhead for June?
(c) What was the manufacturing overhead application rate in June?
(d) What was the cost of products completed during June?
(e) What was the balance of the Work-in-Process Inventory account at the beginning of June?
(f) What was the operating profit for June Any?