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Rock Shop Manufacturing Company makes specialty tools. In July, Rock Shop incurred manufacturing costs of...

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Accounting

Rock Shop Manufacturing Company makes specialty tools. In July, Rock Shop incurred manufacturing costs of $4,000,000 for direct materials, direct labour, and overhead. 30% of the total costs represents overhead applied. The overhead rate is $1 for every $0.50 of direct labour costs incurred. Inventory balances were:

July 1 / July 31 Raw materials $100,000 / $ 80,000 Work in process 90,000 / 95,000 Finished goods 120,000 / 130,000

Instructions a) Determine the cost of raw materials purchased in July. b) Prepare a cost of goods manufactured schedule for July 2016

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