Question 1 Use the following data to estimate Cost of goods manufactured: Not yet answered Sales...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data: Raw Materials Inventory, Jan. 1 $10 Raw Materials Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Raw Materials Purchased, incl. freight 30 Direct Labor 40 Manufacturing (factory) Overhead Schedule of Costs of Goods Manufactured Year Ended December 31, 2018 Beginning Work-in-Process Direct Materials Used: Beginning Raw Materials Inventory Purchased of Raw...
What is the cost of goods manufactured? Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending...
An incomplete cost of goods manufactured schedule is presented below for Cepeda Manufacturing Company for the year ended December 2020: Complete the cost of goods manufactured schedule for Cepeda Manufacturing Company. CEPEDA MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 $212,500 $ 166,000 Work in process (1/1) Direct materials Raw materials inventory(1/1) Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used 17,800 $188,000 Direct labour Manufacturing...
An incomplete cost of goods manufactured schedule is presented below for Cepeda Manufacturing Company for the year ended December 2020: Complete the cost of goods manufactured schedule for Cepeda Manufacturing Company. Complete the cost of goods manufactured schedule for Cepeda Manufacturing Company. CEPEDA MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 $217,000 Work in process (1/1) Direct materials Raw materials inventory, (1/1) Raw materials purchases 167,000 Total raw materials available for use 18,000 Less:...
pute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule Nork-in-Process Inventory. 1/1 1612 Direct Materials Raw Materials Inventory. 1/1 23680 Materials Purchased 153280 Materials Available for Use 176960 Less Raw Materials inventory. 12/31 31650 Direct Materials Used 1410 Direct Labor 221550 Manufacturing Overhead Tot Manufacturing Costs 551410 Toul Cost of Work in Process o ry Less Wort Process inventory. 12/31 n Arrompts: 1017 used The following information is available for Aikman Company. 2020 dings January 1, 2020...
Instructions (A) Prepare a cost of goods manufactured schedule (below) using the data ABOVE. (B) (Assume all raw materials used were direct materials.) P15-4B This data is from the records of Moxie Co. for the year ended December 31, 2017. Raw Materials Inventory 1/1/17 47,000 Factory Insurance 7,400 Raw Materials Inventory 12/31/17 44,200 Factory Mach. Deprec. 7,700 Finished Goods Inventory 1/1/17 85,000 Factory Utilities 12,900 Finished Goods Inventory 12/31/17 57,800 Office Utilities Expense 8,600 Work in Process Inventory...
CEPEDA MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 Work in process (1/1) $212,500 Direct materials Raw materials inventory, (1/1) Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) 166,000 17,800 Direct materials used Direct labour Manufacturing overhead $188,000 Indirect labour Factory depreciation Factory utilities Total manufacturing overhead 15,500 36,400 68,000 119,900 Total manufacturing costs Total cost of work in process Less: Work in process (12/31) Cost of goods...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Hobbit Company. HOBBIT COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 $213,900 Work in process (1/1) Direct materials Raw materials inventory (1/1) $ 164,300 Add: Raw materials purchases Total raw materials available for use 29,530 Less: Raw materials inventory (12/31) Direct materials used $185,570 Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead 25,530...
Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement (LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 210,000 $ 267,000 2 $ 155,000 $ 370,000 $ 353,000 Inventory balances at the beginning and end of the...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Concord Company. CONCORD COMPANY Cost of Goods Manufactured Schedule Work in process (1/1) $215,370 Direct materials Raw materials inventory (1/1) $ ---------- Add: Raw materials purchases 164,870 Total raw materials available for use ----------- Less: Raw materials inventory (12/31) 27,100 Direct materials used $183,400 Direct labor ----------- Manufacturing overhead Indirect labor 21,960 Factory depreciation 36,430 Factory utilities 71,750 Total overhead 130,140 Total...