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Homework answers / question archive / Salamone Heaters' selected data for July 2017 are presented here (in millions): (Click the icon to view the data
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
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 |
