Question

PROBLEM III From the information given, prepare a statement of cost of goods manufactured. During August,...

PROBLEM III
From the information given, prepare a statement of cost of goods manufactured.


During August, Radio Company’s purchases of direct materials totaled $139,000: direct labor for the month was 3,400 hours at $8.75 per hour, Radio also incurred the following overhead costs: utilities $5,870, supervision $16,600; indirect material, $6,750; depreciation $6,200; insurance $1,830; miscellaneous $1,100
Beginning inventory accounts were as follows: Material Inventory $48,600; Work in Process Inventory $54,250; and Finished Goods Inventory $38,500. Ending inventory accounts were as follows: Material Inventory $50,100; Work In Progress Inventory $48,400; and Finished Goods Inventory $37,450.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Schedule of Cost of Goods manufactured:
Beginning WIP 54250
Current cost of Manufacturing:
Material consumed:
Beginning Inventory 48600
Add: Purchase 139000
Cost of Material available 187600
Less: Ending Inventory 50100
Material consumed: 137500
Direct Labour 29750
Overheads cost incurred:
Utilities 5870
Supervision 16600
Indirect Material 6750
Depreciation 6200
Insurance 1830
Mmisc expense 1100
Total OH incurred 38350
Total cost of manufacturing added during period 205600
Total cost of goods manufacturing 259850
Less: Ending invntory of WIP 48400
Cost of Goods manufactured 211450
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the...
Statement of Cost of Goods Manufactured from Percent Relationships Information about NuWay Products Company for the year ending December 31, 2010, follows: Sales equal $600,000. Direct materials used total $54,000. 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 sales. There is no beginning or ending work-in-process....
From the following data, prepare a statement of cost of goods manufactured for the year ended...
From the following data, prepare a statement of cost of goods manufactured for the year ended June 30, 2019: Factory depreciation.................................................... $ 12,000   Direct materials issued............................................... $ 50,000 Direct labor...................................................................... $ 80,000 Indirect labor................................................................... $ 42,000   Sales salaries................................................................... $ 48,000 Factory supplies used.................................................. $   5,000   Factory utilities............................................................. $ 24,000 Factory property taxes............................................... $ 11,000   Work in process inventory on July 1, 2018........ $ 22,000 Work in process inventory on June 30, 2019.... $ 24,000   Finished goods inventory on July 1,...
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...
The following information is given for Sandy Company: a. cost of goods manufactured was $514,000 b....
The following information is given for Sandy Company: a. cost of goods manufactured was $514,000 b. there is no beginning or ending direct material inventory c. conversion costs totaled $360,000 and were equal to three times the prime costs d. applied overhead is equal to 340% of direct materials used e. beginning finished goods totaled $10,000 f. beginning work in process is double the cost of ending work in process Calculate Sandy Company's beginning work in process inventory balance
Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview...
Statement of Cost of Goods Manufactured and Income Statement Information from the records of the Bridgeview Manufacturing Company for August 2017 follows: Sales $318,000 Selling and administrative expenses 127,500 Purchases of raw materials 48,000 Direct labor 30,000 Manufacturing overhead 58,500 Inventories August 1 August 31 Raw materials $ 11,000 $ 5,000 Work-in-process 17,000 11,000 Finished goods 15,000 22,000 Required Prepare a statement of cost of goods manufactured and an income statement for August 2017. Do not use negative signs with...
Using the below information from Pennington Corp., prepare a schedule of cost of goods manufactured and...
Using the below information from Pennington Corp., prepare a schedule of cost of goods manufactured and a schedule of cost of goods sold. Assume Pennington closed underapplied or overapplied Overhead to Cost of Goods Sold. Sales $500,000 Direct Labor $125,000 Raw Material Purchases $300,000 Selling Expense $ 30,000 Administrative Expenses $125,000 Man OH applied to WIP $145,000 Actual Man OH $150,000 Inventories:                     Beginning      Ending Raw Materials                   $15,000        $16,000 Work in Process                $25,000       $15,000 Finished Goods                  $10,000        $12,000
Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods...
Information for Stanton, Inc., as of December 31 follows. Prepare a schedule of cost of goods manufactured for the year ended December 31. Administrative salaries $ 35,000 Depreciation of factory equipment 25,000 Depreciation of delivery vehicles 6,000 Direct labor 68,000 Factory supplies used 9,000 Finished goods inventory, January 1 57,000 Finished goods inventory, December 31 ? Factory insurance 15,500 Interest expense 12,000 Factory utilities 14,000 Factory maintenance 7,500 Raw materials inventory, January 1 5,000 Raw materials inventory, December 31 4,000...
Using the following information   Provide  Cost of Goods Manufactured Statement   AND   Income Statement Preclosing Trial Balance Debit...
Using the following information   Provide  Cost of Goods Manufactured Statement   AND   Income Statement Preclosing Trial Balance Debit Credit cash 54 accounts receivable 210 finished goods [begin year] 247 work in process [begin year] 150 direct materials [begin year] 28 property, plant, equipment 1,140 accounts payable 70 bonds payable 600 paid in capital 100 retained earnings 930 sales 1,488 sales discount 20 interest revenue 2 purchase direct materials 510 direct labor 260 indirect factory labor 90 office salries 122 sales salaries 42...
Classifying Costs, Calculating Cost of Goods Manufactured, and Preparing an Income Statement. Madison Company has the...
Classifying Costs, Calculating Cost of Goods Manufactured, and Preparing an Income Statement. Madison Company has the following information available: Cost Amount Cost Amount Factory Utilities 3,000 Depreciation – Factory Equipment 4,000 Factory Maintenance 1,100 Indirect Labor 15,550 Production Supervisor’s Salary 48,990 Direct Labor Wages 50,000 Sales Commissions 14,000 Direct Material Purchases 120,000 President’s Salary 98,000 Depreciation-Office Equipment 2,000 Office Utilities 1,500 Factory Insurance 3,800 Accounts Receivable 12,500 Cash 62,300 Office Salaries 15,650 Factory Rent 17,775 Other information includes: Inventory Beginning...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT