From the Following,calculate the Cost of Raw Materials Used and Total

question 70

Essay

From the following,calculate the cost of raw materials used and total manufacturing costs:
$$\begin{array} { l r } \text { Raw Materials Inventory, Sep. } 1 & \$ 4,000 \\\text { Raw Materials Inventory, Sep. } 30 & 5,000 \\\text { Work-in-Process Inventory, Sep. } 1 & 6,000 \\\text { Work-in-Process Inventory, Sep. } 30 & 5,000 \\\text { Raw Materials Purchased } & 8,000 \\\text { Direct Labor } & 9,000 \\\text { Depreciation Expense } & 7,000 \\\text { Factory Utilities } & 3,000\end{array}$$

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Definitions:

Rent Controls

are government-imposed limits on the amount landlords can charge tenants for rent.

FICA Tax

The FICA tax is a United States federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.

Tax Burden

The total amount of taxes that individuals or businesses must pay, often considered in relation to their income or profits.

Payroll Tax

Obligatory payments required from employers or employees, usually expressed as a proportion of the salaries employees receive.