Question

E16-20 (similar to) Clarkson Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2018: (Click the icon to view year-end information.) Requirements 1. Use the information to prepare a schedule of cost of goods manufactured. 2. What is the unit product cost if Clarkson manufactured 3,280 lamps for the year? Requirement 1. Use the information to prepare a schedule of cost of goods manufactured. Clarkson, Corp. Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Direct Materials Used: Direct Materials Used Manufacturing Overhead: Total Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Cost of Goods Manufactured

Answer 1

Solution: 100,000 50,000 154,000 | 204,000 30,000 1) CLARKSON COMPANY Schedule of Cost of Goods Manufactured For the Year Ended Dec 31, 2018 Work in process inventory, Jan 1,2017 Direct materials used Raw materials inventory, Jan 1,2017 Raw materials purchases Total raw materials available for use Less: Raw materials inventory, Dec 31,2018 Direct materials used Direct labor Manufacturing overhead Depreciation, plant building and equipment Insurance on plant Repairs and maintenance-Plant Indirect labor Total manufacturing overhead Total manufacturing costs incurred during the year Total manufacturing costs to account for Less: Work in process inventory, Dec 31, 2018 Cost of goods manufactured 174,000 123,000 17,000 26,000 4,000 34,000 81,000 378,000 478,000 68,000 410,000 2) Cost of goods manufactured / units produced unit product cost 410,000 3,280 125