Hofstra Plastics’ selected data for October 2013 are presented here (in millions): Direct materials inventory, 10/1/2013 $85
Direct materials purchased 370
Direct materials used 355
Total manufacturing overhead costs 470
Variable manufacturing overhead costs 240
Total manufacturing costs incurred during October 2013 1,630
Work-in-process inventory, 10/1/2013 220
Cost of goods manufactured 1,630
Finished goods inventory, 10/1/2013 140
Cost of goods sold 1,740

Requirements:
Calculate the following costs:

a. Direct materials inventory, 10/31/
b. Fixed manufacturing overhead costs for October.
c. Direct manufacturing labor costs for October.
d. Work-in-process inventory, 10/31/
e. Cost of finished goods available for sale in October 6.Finished goods inventory, 10/31

a. $100

b. $230

c. $805

d. $220

e. $1,770

f. $30

Explanation:

a. Direct material inventory 10/31

Direct material inv. 10/1/2013 $85

Add: Direct materials purchased $370

Direct materials available for productions $455

Less: direct materials used ($355)

Direct materials inventory 10/31 $100

b. Fixed manufacturing overhead costs for October

Total manufacturing overhead costs $470

Less: Variable manufacturing overhead costs ($240)

Fixed manufacturing overhead costs for October $230

c. Direct manufacturing labor costs for October

Total manufacturing costs $1,630

Less : direct material used ($355)

Total manufacturing overhead costs ($470)

Direct manufacturing labor costs for October $805

d. Work in process inventory 10/31

Work in process inventory 10/1/2013 $220

Add : total manufacturing costs $1,630

Work in process available for production $1,850

Less: cost of goods manufactured ($1,630)

Work in process inventory 10/31/2014 $220

e. Cost of finished goods available for sale in October 6

Finished goods inventory 10/1/2013 $140

Add: costs of goods manufactured $1,630

Finished goods inventory 10/01/2013 $1,770

f. Finished goods inventory 10/31/2013

Finished goods available for sale in October $1,770

Less: cost of goods sold ($1,740)

Finished goods inventory 10/31/2013

$30

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