Question
ompute the Cost of Goods Manufactured and Cost of Goods Sold for Blue SeaBlue Sea Company...
ompute the Cost of Goods Manufactured and Cost of Goods Sold for
Blue SeaBlue Sea
Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials.
LOADING...
(Click the icon to view the data.)
Start the calculation for cost of goods manufactured by calculating the direct materials used.
|
Blue Sea Company |
||||
|
Calculation of Direct Materials Used |
||||
|
For Current Year |
||||
|
Plus: |
||||
|
Less: |
||||
|
Direct materials used |
||||
Choose from any list or enter any number in the input fields and then click Check Answer.
|
Clear All |
Check Answer |
Data Table
|
Beginning |
End of |
End of |
||||
|
of Year |
Year |
Year |
||||
|
Raw materials inventory. . . . . . . . |
$23,000 |
$26,000 |
Insurance on plant. . . . . . . . . . . . . . . . . . . . . . . . |
$8,500 |
||
|
Work in process inventory. . . . . . |
$37,000 |
$35,000 |
Depreciation-plant building and equipment. . . . |
$12,700 |
||
|
Finished goods inventory. . . . . . . |
$21,000 |
$29,000 |
Repairs and maintenance-plant. . . . . . . . . . . . . |
$4,100 |
||
|
Purchases of direct materials. . . . |
$75,000 |
Marketing expenses. . . . . . . . . . . . . . . . . . . . |
$76,000 |
|||
|
Direct labor. . . . . . . . . . . . . . . . |
$86,000 |
General and administrative expenses. . . . . . . . . |
$25,500 |
|||
|
Indirect labor. . . . . . . . . . . . . . . . . |
$38,000 |
|||||
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Lily
Company.
LILY
COMPANY
Cost of Goods Manufactured Schedule
December 31, 2020For the Month Ended December 31, 2020For the
Year Ended December 31, 2020
Work in process (1/1)
$216,130
Direct materials
Raw
materials inventory (1/1)
$
Add: Raw
materials purchases
165,710
Total raw
materials available for use
Less: Raw
materials inventory (12/31)
30,350
Direct materials used
$189,120
Direct labor
Manufacturing overhead
Indirect...
Exercise 01-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2...
Exercise 01-15 Schedule of cost of goods manufactured and cost
of goods sold LO P1, P2
Beck Manufacturing reports the following information in
T-account form for 2019.
Raw Materials Inventory
Begin. Inv.
10,800
Purchases
56,500
Avail. for use
67,300
DM used
52,500
End. Inv.
14,800
Work in Process Inventory
Begin. Inv.
15,600
DM used
52,500
Direct labor
32,300
Overhead
63,000
Manuf. costs
163,400
Cost of goods manuf.
150,300
End. Inv.
13,100
Finished Goods Inventory
Begin. Inv.
17,500
Cost of goods...
Beginning End of End of of Year Year Year Raw materials inventory. . . . ....
Beginning
End of
End of
of Year
Year
Year
Raw materials inventory. . . . . . . .
$23,000
$26,000
Insurance on plant. . . . . . . . . . . . . . . . . . . . . . .
.
$11,000
Work in process inventory. . . . . .
$38,000
$34,000
Depreciation-plant building and equipment. . . .
$12,700
Finished goods inventory. . . . . . .
$20,000
$22,000
Repairs and...
Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run plant....
Cost of Goods Manufactured and Sold LeMans Company produces
specialty papers at its Fox Run plant.
At the beginning of June, the following information was supplied
by its accountant:
Direct materials inventory $62,800
Work-in-process inventory 29,600
Finished goods inventory 58,700
During June, direct labor cost was $138,000, direct materials
purchases were $342,000, and the total overhead cost was $379,800.
The inventories at the end of June were:
Direct materials inventory $63,400
Work-in-process inventory 33,200
Finished goods inventory 54,100
. Prepare...
E18-23 Statement of Cost of Goods Manufactured from Percent Relationships Information about Blue Line Products Company...
E18-23 Statement of Cost of Goods Manufactured from Percent
Relationships Information about Blue Line Products Company for the
year ending December 31, 2017, follows: • Sales equal $475,000. •
Direct materials used total $68,000. • Manufacturing overhead is
150 percent of direct labor dollars. • The beginning inventory of
finished goods is 20 percent of the cost of goods sold. • The
ending inventory of finished goods is twice the beginning
inventory. • The gross profit is 20 percent of...
Sharpland Sharpland Industries is calculating its Cost of Goods Manufactured at year-end. Sharpland's Sharpland's accounting records...
Sharpland Sharpland Industries is calculating its Cost of Goods
Manufactured at year-end. Sharpland's Sharpland's accounting
records show the following: The Raw Materials Inventory account
had a beginning balance of $18,000 and an ending balance of
$16,000. During the year, the company purchased $51,000 of direct
materials. Direct labor for the year totaled $115,000, while
manufacturing overhead amounted to $160,000. The Work in Process
Inventory account had a beginning balance of $29,000 and an ending
balance of $ $15,000. Assume that...
Cost of Goods Sold, Cost of Goods Manufactured Glenville Company has the following information for April:...
Cost of Goods Sold, Cost of Goods Manufactured
Glenville Company has the following information for April:
Cost of direct materials used in production
$
56,000
Direct labor
65,000
Factory overhead
34,000
Work in process inventory, April 1
41,000
Work in process inventory, April 30
37,000
Finished goods inventory, April 1
24,000
Finished goods inventory, April 30
19,000
a. For April, determine the cost of goods
manufactured.
Using the data given, prepare a statement of Cost of Goods
Manufactured.
Glenville Company...
Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company has the following information for...
Cost of Goods Sold, Cost of Goods Manufactured Timbuk 3 Company
has the following information for March: Cost of direct materials
used in production $44,000 Direct labor 52,000 Factory overhead
26,000 Work in process inventory, March 1 30,000 Work in process
inventory, March 31 38,000 Finished goods inventory, March 1 29,000
Finished goods inventory, March 31 21,000
a. For March, determine the cost of goods manufactured. Using
the data given, prepare a statement of Cost of Goods Manufactured.
Timbuk 3...
Information for Riley Manufacturing Company is presented below. Compute both the cost of goods manufactured and...
Information for Riley Manufacturing Company is presented below.
Compute both the cost of goods manufactured and the cost of goods
sold for the company. Hint: You will need to calculate the cost of
raw materials used as raw materials used is a component of total
manufacturing costs. Checks: COGM should be a number greater than
$223,000 but less than $226,000. COGS should be a number greater
than $242,000.
Beginning raw materials inventory $36,800
Beginning work in process inventory 21,200...
Cost of Goods Sold, Cost of Goods Manufactured. PLEASE EXPLAIN AND BOLD ANSWERS Timbuk 3 Company...
Cost of Goods Sold, Cost of Goods Manufactured. PLEASE
EXPLAIN AND BOLD ANSWERS
Timbuk 3 Company has the following information for March:
Cost of direct materials used in production
$44,000
Direct labor
54,000
Factory overhead
28,000
Work in process inventory, March 1
32,000
Work in process inventory, March 31
31,600
Finished goods inventory, March 1
23,000
Finished goods inventory, March 31
15,000
a. For March, determine the cost of goods
manufactured.
Using the data given, prepare a statement of Cost...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 12 minutes ago
asked 24 minutes ago
asked 25 minutes ago
asked 29 minutes ago
asked 30 minutes ago
asked 32 minutes ago
asked 47 minutes ago
asked 49 minutes ago
asked 53 minutes ago
asked 56 minutes ago
asked 56 minutes ago
asked 1 hour ago