Question

From the account balances listed below, prepare a schedule of cost of goods manufactured for La...

From the account balances listed below, prepare a schedule of cost of goods manufactured for La Lave Manufacturing Company for the month ended December 31, 2018.

Account

Description

A/C

Balance

Account

Description

A/C

Balance

Finished Goods Inventory, December 31

$42,000

Raw Materials Purchases

$  95,000

Factory Supervisory Salaries

12,000

Work In Process Inventory, December 1

30,000

Income Tax Expense

18,000

Factory Utilities Expense

4,000

Raw Materials Inventory, December 1

12,000

Direct Labor

70,000

Work In Process Inventory, December 31

25,000

Raw Materials Inventory, December 31

19,000

Sales Salaries Expense

14,000

Sales Returns and Allowances

5,000

Factory Depreciation Expense

8,000

Indirect Labor

21,000

Finished Goods Inventory, December 1

35,000

Sales Discounts

3,000
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