Question

Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative expenses Indirect-labor cost incurred Depreciation on factory building Depreciation on cars used by sales personnel Direct-labor cost incurred Raw-material inventory, 12/31/x1 Accounts receivable, 12/31/x1 Rental for warehouse space to store raw material Rental of space for company president's office Applied manufacturing overhead Sales revenue Income tax expense $ 8,000 13,700 3,600 8,200 14,000 7,000 4,600 2,100 10,200 2,400 15,300 39,000 6,000 2,500 3,800 29,000 3,400 1,200 79,000 11,000 4,000 3,100 1,700 58,000 207,800 5,100

Can anyone help me determine how to complete this question? (photo 2 is the portion of the chart that didn't fit into photo 1)

Answer 1

1) Cost of Goods Manufactured:
TWISTO PRETZEL COMPANY
Schedule of Cost of Goods Manufactured
For the Year Ended December 31, 20X1
Direct Materials:
Raw-materials inventory, 12/31/x0	$10,200
Add: Purchase of Raw Materials Inventory in 20x1	$39,000
Total Raw Materials Available for Use	$49,200
Less: Raw-materials inventory, 12/31/x1	($11,000)
Raw materials used		$38,200
Direct Labor		$79,000
Manufacturing overhead:
Insurance on factory and equipment	$3,600
Indirect materials used	$4,600
Depreciation on factory equipment	$2,100
Property taxes on factory	$2,400
Utilities for factory	$6,000
Indirect labor cost incurred	$29,000
Depreciation on factory building	$3,400
Rental for warehouse space to store raw materials	$3,100
Total actual manufacturing overhead	$54,200
Overapplie manufacturing overheads ($207,800 - $54,200)	$153,600
Overheads applied to work in process		$207,800
Total manufacturing costs		$325,000
Add: Work-in Process Inventory, 12/31/x0		$8,000
Sub Total		$333,000
Less: Work-in Process Inventory, 12/31/x1		($8,200)
Cost of Goods Manufactured		$324,800