Question

Beck Manufacturing reports the following information in T-account form for 2019. Raw Materials Inventory Begin. Inv....

Beck Manufacturing reports the following information in T-account form for 2019.

Raw Materials Inventory
Begin. Inv. 10,800
Purchases 58,500
Avail. for use 69,300
DM used 47,500
End. Inv. 21,800
Work in Process Inventory
Begin. Inv. 14,200
DM used 47,500
Direct labor 30,100
Overhead 62,500
Manuf. costs 154,300
Cost of goods manuf. 140,800
End. Inv. 13,500
Finished Goods Inventory
Begin. Inv. 19,300
Cost of goods manuf. 140,800
Avail. for sale 160,100
Cost of Goods Sold 141,900
End. Inv. 18,200


Required:
1. Prepare the schedule of cost of goods manufactured for the year.
2. Compute cost of goods sold for the year.

Homework Answers

Answer #1

1.

Schedule of Cost of Goods Manufactured
Beginning raw material inventory 10,800
Purchase of raw material 58,500
Total raw materials available 69,300
Ending raw material inventory -21,800
Raw material used 47,500
Direct labor 30,100
Manufacturing Overheads 62,500
Total Manufacturing Cost 140,100
Beginning work in process inventory 14,200
Ending work in process inventory -13,500
Cost of goods manufactured 140,800

2.

Schedule of Cost of Goods Sold
Finished goods inventory, beginning 19,300
Cost of goods manufactured 140,800
Cost of goods available for sale 160,100
Finished goods inventory, Ending -18,200
Cost of goods sold 141,900
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