Question

EmilyAnne Company has the following information:                   Direct Labor              &

EmilyAnne Company has the following information:

                  Direct Labor                                                            $  80,000

                  Beginning Finished goods inventory                 $  10,000                                                              

                  Ending Finished goods inventory                      $  40,000

                  Manufacturing Overhead Applied                     $  90,000

                  Raw [direct] Materials Used in Production      $ 50,000

                  Beginning Work in Process Inventory               $ 30,000

                  Ending Work in Process inventory                     $ 72,000

                  OVERapplied Manufacturing Overhead             $  8,000

    Required

          IN GOOD FORM, complete the partial “Inventory Schedules and Cost of Goods Sold” statement shown below. Place the above items in the proper places on the statement.

                                                     EmilyAnne Company

                                      Inventory Schedules and Cost of Goods Sold

              Beginning Work-In-Process Inventory                  $30,000

                                                                                              ----------------

               Cost of Goods Manufactured

                                                                                               ----------------

              Unadjusted Cost of Goods Sold

                                                                                                -----------------

              Cost of Goods Sold

Business   Accounting   
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Answer #1
EmilyAnne Company
Inventory Schedules and Cost of Goods Sold
Particulars (In $)
Beginning Work-In-Process Inventory 30000
Cost of Goods Manufactured 186000
Unadjusted Cost of Goods Sold -30000
Cost of Goods Sold 156000

The above can also be calculated in the following manner -

Particulars (In $)
Raw [direct] Materials Used in Production 50000
Direct Labor        80000
Manufacturing Overhead applied 90000
OVERapplied Manufacturing Overhead 8000
Beginning Work in Process Inventory   30000
Ending Work in Process inventory    -72000
Cost of Goods Manufactured 186000
Beginning Finished goods inventory   10000
Ending Finished goods inventory   -40000
Cost of Goods Sold 156000
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