Question:
Accounting for materials and labor Seattle Enterprises produces LCD touch screen products. The company reports the following information at December 31, 2012:
|
Materials inventory
|
Work in process inventory
|
Finished goods inventory
|
|
47,000
|
31,400
|
28,000
|
123,000
|
123,000
|
109,000
|
|
|
|
62,000
|
|
|
|
|
|
|
53,900
|
|
|
|
|
Wages payable
|
Manufacturing overhead
|
|
|
|
|
74,000
|
3,400
|
53,900
|
|
|
|
|
|
12,000
|
|
|
|
|
|
|
36,500
|
|
|
|
Seattle began operations on January 30, 2012.
Requirements
1. What is the cost of direct materials used? The cost of indirect materials used?
2. What is the cost of direct labor? The cost of indirect labor?