ACCT 2302 Managerial Accounting: Test #2

McGraw Hill ACCT 2302 - Garrison, Managerial Accounting, 17e Garrison, Managerial Accounting, 17e Larned Corporation recorded the following transactions for the just completed month. $77,000 in raw materials were purchased on account. $75,000 in raw materials were used in production. Of this amount, $67,000 was for direct materials and the remainder was for indirect materials. Clonex Labs, Incorporated, uses the weighted-average method in its process costing system. The following data are available for one department for October: The department started 395,000 units into production during the month and transferred 413,000 completed units to the next department. Quality Brick Company produces bricks in two processing departments—Molding and Firing. Information relating to the company’s operations in March follows: