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Use the Information Below to Calculate the Missing Amounts (Shown

question 63

Essay

Use the information below to calculate the missing amounts (shown by letters)in the Schedule of Raw Materials Placed in Production and the Schedule of Cost of Goods Manufactured.
 Cycle Manufacturing Company Schedule of Raw Materials Placed in Production  Month Ended January 31 Raw Materials Inventory, beginning balance  A  Current period raw materials purchases 20,000 Raw materials available for production $60,000 Raw Materials Inventory, ending balance  B  Raw materials placed in production $50,000 Indirect materials included in manufacturing overhead 4,000 Direct materials placed in production $C\begin{array}{c} \text { Cycle Manufacturing Company}\\ \text { Schedule of Raw Materials Placed in Production }\\ \text { Month Ended January 31}\\\begin{array}{ll} \text { Raw Materials Inventory, beginning balance } & \text { A } \\ \text { Current period raw materials purchases } & 20,000 \\ \text { Raw materials available for production } & \overline{\$ 60,000} \\ \text { Raw Materials Inventory, ending balance } & \text { B } \\ \text { Raw materials placed in production } & \overline{\$ 50,000} \\ \text { Indirect materials included in manufacturing overhead } & 4,000 \\\text { Direct materials placed in production } &\$C \\\end{array}\end{array}
 Cycle Manufacturing Company Schedule of Cost of Goods Manufactured  Month Ended January 31 WIP Inventory, beginning balance$90,000 Current period manufacturing costs:  Direct materials  DDirect labor  E Manufacturing overhead64,000 Total current period manufacturing costs 326,000Total cost of work in process  $ F  WIP Inventory, ending balance 78,000Cost of Goods Manufactured $G\begin{array}{c} \text { Cycle Manufacturing Company}\\ \text { Schedule of Cost of Goods Manufactured }\\ \text { Month Ended January 31}\\\begin{array}{llr} \text { WIP Inventory, beginning balance} &&\$90,000\\ \text { Current period manufacturing costs: } &\\ \text { Direct materials } & \text { }D \\ \text {Direct labor } & \text { E} \\ \text { Manufacturing overhead} &64,000\\ \text { Total current period manufacturing costs } &326,000\\ \text {Total cost of work in process } & \text { \$ F } \\ \text { WIP Inventory, ending balance } &78,000\\ \text {Cost of Goods Manufactured } &\$ G\\\end{array}\end{array}


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