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Calculate the balance of raw materials inventory as of july

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Reference no: EM132495532

For June 30th of 2017, Company X reported raw materials balance of TL20,800 and WIP balance of TL25,000 in its balance sheet. During July;

  1. Direct labor of TL252,000 was used.
  2. TL360,000 worth of raw materials was purchased.
  3. Manufacturing overhead used (exclusive of indirect materials) was equal to 68% of direct labor costs.

At the end of July, ending work in process inventory was worth TL59,800. Totol cost of work in process equalled TL790,000. Sales totalled TL1,242,000 and gross profit was 48% of the sales. COGS available for sale equalled TL770,800.

Question 1) Calculate the balance of raw materials inventory as of July 31st.

Question 2) Calculate the COGM in July 31st.

Question 3) Calculate the balance of finished goods inventory as of July 31st.

Reference no: EM132495532

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