prepare the schedule of cost of goods manufactured and cost of goods sold. Raw Materials Inventory...
prepare the schedule of cost of goods manufactured and cost of goods sold.
Raw Materials Inventory Jan 1 $10
Raw Materials Inventory Inventory Dec 31 4
Work In Process Inventory Jan 1 15
Work In Process Inventory Dec 31 22
Finished Goods Inventory Jan 1 11
Finished Goods Inventory Dec 31 14
Raw Materials Purchased incl freight 30
Direct Labor 40
Manufacturing Overhead 30
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prepare the schedule of cost of goods manufactured and cost of
goods sold.
Raw Materials Inventory...
15 Requirements: Prepare the schedule of cost of goods manufactured and cost of goods sold. Data:...
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...
Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured Begin by...
Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Cougar Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct material costs: Direct materials used Direct labor manufacturing costs Indirect manufacturing costs:...
Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the...
Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Classic Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct material costs: Direct materials used Direct labor manufacturing costs ClassicClassic's manufacturing costing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add:...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
required:1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production...
required:1. Prepare a schedule of cost of goods manufactured.
Assume all raw materials used in production were direct
materials.
2. Prepare a schedule of cost of goods sold. Assume that the
company's underapplied or overapplied overhead is closed to Cost of
Goods Sold.
3. Prepare an income statement.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to...
Prepare the cost of goods manufactured schedule. $ Raw materials purchased Beginning raw materials Direct materials...
Prepare the cost of goods manufactured schedule.
$ Raw materials purchased Beginning raw materials Direct materials used Indirect materials requested Indirect labor Utilities - administration area Utilities - factory area Rent - adminstration Rent - factory Taxes - administration Taxes-factory Other factory Other manufacturing overhead actual Direct labor Manufacturing overhead applied at 150% of direct costs Beginning WIP Ending WIP Beginning finished good Ending finished goods 850 40 750 30 100 90 200 100 200 200 500 500 75 250...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Calendar Corporation: For Specific Date For Year 2011 Work-in-process inventory, Jan. 1, 2011 Direct materials inventory, Dec. 31, 2011 Finished goods inventory, Dec. 31, 2011 Accounts payable, Dec. 31, 2011 Accounts receivable, Jan. 1, 2011 Work-in-process inventory, Dec. 31, 2011 Finished goods inventory, Jan 1, 2011 Accounts receivable, Dec. 31, 2011 Accounts payable, Jan. 1, 2011 Direct materials inventory, Jan. 1, 2011 $18...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Sarasota
Company.
SARASOTA
COMPANY
Cost of Goods Manufactured Schedule
December 31, 2017For the Month Ended December 31, 2017For the Year
Ended December 31, 2017
Work in process (1/1)
$213,100
Direct materials
Raw
materials inventory (1/1)
$
Add: Raw
materials purchases
165,650
Total raw
materials available for use
Less: Raw
materials inventory (12/31)
26,990
Direct materials used
$189,070
Direct labor
Manufacturing overhead
Indirect...
Prepare the schedule of cost of goods manufactured for Barton Company using the following information. Direct...
Prepare the schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead costs Work in process, beginning Work in process, ending $ 242,500 73,000 28,000 160,000 144, 250 Barton Company Schedule of Cost of Goods Manufactured Total manufacturing costs Total cost of work in process Cost of goods manufactured $ Use the following information to compute the cost of direct materials used for the current year. Assume the raw materials inventory...
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...
Requirement Prepare an income statement and a supporting schedule of cost of goods manufactured Begin by preparing the supporting schedule of cost of goods manufactured (in millions). Start with the direct materials and direct labor costs, then indirect manufacturing costs, and complete the schedule by calculating cost of goods manufactured. Cougar Corporation Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2017 (in millions) Direct material costs: Direct materials used Direct labor manufacturing costs Indirect manufacturing costs:...
Primare Corporation Schedule of Cost of Goods Manufactured Direct materials: $ Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available 10,200 26,800 X 28,700 X 18,500 20,400 X 4,930 Less: Ending raw materials inventory Raw materials used in production Less: Indirect materials included in manufacturing overhead $ Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 15,470 59,400 88,300 163,440 54,900 218,340 68,900 149,440 X Less: Ending...
required:1. Prepare a schedule of cost of goods manufactured.
Assume all raw materials used in production were direct
materials.
2. Prepare a schedule of cost of goods sold. Assume that the
company's underapplied or overapplied overhead is closed to Cost of
Goods Sold.
3. Prepare an income statement.
The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to...
Prepare the cost of goods manufactured schedule.
$ Raw materials purchased Beginning raw materials Direct materials used Indirect materials requested Indirect labor Utilities - administration area Utilities - factory area Rent - adminstration Rent - factory Taxes - administration Taxes-factory Other factory Other manufacturing overhead actual Direct labor Manufacturing overhead applied at 150% of direct costs Beginning WIP Ending WIP Beginning finished good Ending finished goods 850 40 750 30 100 90 200 100 200 200 500 500 75 250...
2-36 Income statement and schedule of cost of goods manufactured. The following items (in millions) pertain to Calendar Corporation: For Specific Date For Year 2011 Work-in-process inventory, Jan. 1, 2011 Direct materials inventory, Dec. 31, 2011 Finished goods inventory, Dec. 31, 2011 Accounts payable, Dec. 31, 2011 Accounts receivable, Jan. 1, 2011 Work-in-process inventory, Dec. 31, 2011 Finished goods inventory, Jan 1, 2011 Accounts receivable, Dec. 31, 2011 Accounts payable, Jan. 1, 2011 Direct materials inventory, Jan. 1, 2011 $18...
4) In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? A) Cost of goods manufactured = Total manufacturing costs + Ending work in process inventory - Beginning work in process inventory B) Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory C) Cost of goods manufactured = Total manufacturing costs +...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Sarasota
Company.
SARASOTA
COMPANY
Cost of Goods Manufactured Schedule
December 31, 2017For the Month Ended December 31, 2017For the Year
Ended December 31, 2017
Work in process (1/1)
$213,100
Direct materials
Raw
materials inventory (1/1)
$
Add: Raw
materials purchases
165,650
Total raw
materials available for use
Less: Raw
materials inventory (12/31)
26,990
Direct materials used
$189,070
Direct labor
Manufacturing overhead
Indirect...
Prepare the schedule of cost of goods manufactured for Barton Company using the following information. Direct materials Direct labor Factory overhead costs Work in process, beginning Work in process, ending $ 242,500 73,000 28,000 160,000 144, 250 Barton Company Schedule of Cost of Goods Manufactured Total manufacturing costs Total cost of work in process Cost of goods manufactured $ Use the following information to compute the cost of direct materials used for the current year. Assume the raw materials inventory...
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