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Salamone Heaters' selected data for July 2017 are presented here (in millions): (Click the icon to view the data

Accounting Jan 21, 2021

Salamone Heaters' selected data for July 2017 are presented here (in millions): (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the cost of direct materials inventory 7/31/2017. Data Table - ? $ Direct materials inventory 7/31/2017 80 340 365 455 240 Direct materials inventory 7/1/2017 Direct materials purchased Direct materials used Total manufacturing overhead costs Variable manufacturing overhead costs Total manufacturing costs incurred during July 2017 Work-in-process inventory 7/1/2017 Cost of goods manufactured Finished goods inventory 7/1/2017 Cost of goods sold 1,580 230 1,680 160 1,700 Print Done

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Answer -

Calculation of the cost of direct materials inventory 7/31/2017

No. Particulars Amount ($) Explanation
I. Direct materials inventory 7/1/2017 80 Given in question
II. Direct materials purchased 340 Given in question
III. Direct materials available for production 420 I + II
IV. Direct materials used 365 Given in question
       
  Direct materials inventory 7/31/2017 55 III - IV
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