Question

CALCULATOR PRINTER VERSIONBACK An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2017 nin Ending Raw materials Work in process 9,350 5,550 9,640 17,140 7,400 6,290 Finished goods Costs incurred: row materials purchases $55,800, direct labor $49,920, manufacturing overhead $23,710. The speofic overhead costs were: indirect labor $6,590, factory insurance $4,330, machinery depreciation $4,790, machinery repairs $2,230, factory utilities $3,900, and miscellaneous factory costs $1,870. Assume that all raw materials used were direct materials (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2017 ROBERTS COMPANY Cost of Goods Manufactured Schedule b)She presentation of the ending inventuies on the June 30, 2017, balance uheet

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Answer 1

(a)

Cost of Goods manufactured Schedule
for the month ended June 30, 2017
Particulars	Amount	Amount
Direct Materials
Beginning Inventory	9,350
Add: Purchases	55,800
Less: Closing Inventory	17,140
Direct Materials used		48,010
Direct Labour		49,920
Manufacturing Overhead
Insurance on Factory	4,330
Indirect Labour	6,590
Machinery Depreciation	4,790
Machinery Repairs	2,230
Factory Utilities	3,900
Misc Factory costs	1,870
Total overheads		23,710
Total Manufacturing Cost		1,21,640
Add: Opening Work in Process		5,550
Less: Closing Work in Process		7,400
Cost of Goods manufactured		1,19,790

(b)

Inventory Presentation in Balance sheet as on June 30, 2017
Particulars	Amount	Amount
Inventory
Raw Materials	17,140
Work in Process	7,400
Finished Goods	6,290	30,830