Question

Exercise 15-16 An analysis of the accounts of Roberts Company reveals the following manufacturing cost data...

Exercise 15-16

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2017.

Inventory

Beginning

Ending
Raw materials $9,460 $14,020
Work in process 6,380 8,070
Finished goods 9,350 6,960


Costs incurred: raw materials purchases $56,410, direct labor $50,600, manufacturing overhead $23,980. The specific overhead costs were: indirect labor $6,520, factory insurance $4,810, machinery depreciation $4,590, machinery repairs $2,330, factory utilities $3,910, and miscellaneous factory costs $1,820. Assume that all raw materials used were direct materials.

(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2017.

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Answer #1

Prepare cost of goods manufactured schedule

Direct material used
Beginning raw material 9460
Raw material purchase 56410
Raw material available for use 65870
Less: Ending raw material -14020 51850
Direct labor 50600
Manufacturing overhead 23980
Total manufacturing cost 126430
Beginning work in process 6380
Total Cost of work in process 132810
Less: Ending work in process -8070
Cost of goods manufactured 124740
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