Question

Exercise 14-11

Incomplete manufacturing cost data for Horizon Company for 2017 are presented as follows for four different situations.

Indicate the missing amount for each letter. Direct Materials Used Direct Labor Used Manufacturing Overhead Total Manufacturing Costs Work in Process 1/1 Work in Process 12/31 Cost of Goods Manufactured (1) $122,000 $141,000 $90,500 $36,600 (b) $366,000 (2) 201,100 134,400 455,000 44,400 474,700 (d) 64,300 (3) 85,700 101,800 270,700 (f) 83,000 (h) (F) 272,200 (4) (4) 75,100 (9) 76,700 290,300 50,800 Prepare a condensed cost of goods manufactured schedule for situation (1) for the year ended December 31, 2017. HORIZON COMPANY Cost of Goods Manufactured Schedule

Answer 1

Answer 1

	Answers
a	$ 353,500
b	$     24,100
c	$ 119,500
d	$     64,100
e	$     83,200
f	$ 252,000
g	$ 138,500
h	$     68,900

Calculations:

	Answers (in $)
a	=122,000+141,000+90,500
b	=353,500+36,600-366,000
c	=455,000-201,100-134,400
d	=474,700+44,400-455,000
e	=270,700-85,700-101,800
f	=270,700+64,300-83,000
g	=290,300-75,100-76,700
h	=290,300+50,800-272,200

Answer 2

Cost of Goods manufactured Schedule
for year ended Dec 13
Direct material	$ 122,000
Direct labor	$ 141,000
manufacturibg overheads	$     90,500
Total Manufacturing cost		$ 353,500
Add: Work in progress 1/1		$     36,600
Less: Work in progress 12/31		$   (24,100)
Cost of Goods manufactured		$ 366,000

In case of any doubt, please comment.