Homework Answers
| Raw materials | |
| Beginning inventory | 340 |
| Purchases | 1,532 |
| Materials available for use | 1,872 |
| Ending inventory | 322 |
| Materials used in production | $1,550 |
Manufacturing cost incurred = Work in process inventory, beginning + Material used in production + Overhead applied
22,450 = 932+1,550+1,536 + Overhead applied
Overhead applied = $18,432
Cost of goods manufactured = Manufacturing cost incurred - Work in process inventory, ending
= 22,450-934
=
| Work in process inventory | |
| Beginning inventory | 932 |
| Material used in production | 1,550 |
| Direct labor | 1,536 |
| Overhead applied | 18,432 |
| Manufacturing costs incurred | 22,450 |
| Ending inventory | 934 |
| Cost of goods manufactured | $21,516 |
Goods available for sale = Finished goods inventory, beginning + Cost of goods manufactured
25,012 = Finished goods inventory, beginning + 21,516
Finished goods inventory, beginning = $3,496
Cost of goods sold = Goods available for sale - Finished goods inventory, ending
21,800 = 25,012 - Finished goods inventory, ending
Finished goods inventory, ending = $3,212
| Finished goods inventory | |
| Beginning inventory | 3,496 |
| Cost of goods manufactured | 21,516 |
| Goods available for sale | 25,012 |
| Ending inventory | 3,212 |
| Cost of goods sold | $21,800 |
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Beginning work in process inventory
Cost of goods manufactured
Direct labor
Ending raw materials inventory
Ending work in process inventory
Manufacturing overhead
Materials available for use
Purchases of direct materials
Total manufacturing costs incurred during the period
Total manufacturing costs to account for
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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 $ 1,115,000 36,000 51,600 67,500 158,200 235,000 22, 200 45,000 5,250 57,000 90,000 141,000 48,300 42,400 74,500 DELRAY MFG. Schedule of Cost of Goods Manufactured For Year Ended...
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Beginning raw materials inventory
Beginning work in process inventory
Cost of goods manufactured
Direct labor
Ending raw materials inventory
Ending work in process inventory
Manufacturing overhead
Materials available for use
Purchases of direct materials
Total manufacturing costs incurred during the period
Total manufacturing costs to account for
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In the Schedule of Cost of Goods Manufactured, Raw materials used in production = Beginning raw materials Inventory +Purchases of raw materials - Ending raw materials inventory. True or False True False
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