From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson...

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From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson...

From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019.

		Account Balances
Finished Goods Inventory, December 31		$42,000
Factory Supervisory Salaries		12,000
Income Tax Expense		18,000
Raw Materials Inventory, December 1		12,000
Work In Process Inventory, December 31		15,000
Sales Salaries Expense		14,000
Factory Depreciation Expense		8,000
Finished Goods Inventory, December 1		35,000
Raw Materials Purchases		105,000
Work In Process Inventory, December 1		25,000
Factory Utilities Expense		6,000
Direct Labor		70,000
Raw Materials Inventory, December 31		19,000
Sales Returns and Allowances		5,000
Indirect Labor		21,000

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Answer 1

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Solution:

Sampson Manufacturing Company Schedule of Cost of Goods Manufactured For the month ended December 31, 2019
Raw materials inventory, December 1	12,000
Add: Raw materials purchases	105,000
Raw materials available (Total)	117,000
Less: Raw materials inventory, December 31	(19,000)
Direct materials used		98,000
Direct Labor		70,000
Manufacturing overheads:
Factory supervisory salary	12,000
Factory depreciation expense	8,000
Factory utilities expense	6,000
Indirect Labor	21,000	47,000
Total manufacturing overheads		215,000
Work in process inventory, December 1		25,000
Less: Work in process inventory, December 31		(15,000)
Cost of goods manufactured		$225,000

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From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson...

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