Question

Problem 19-04A a-c (Part Level Submission) (Video) The following data were taken from the records of Sheridan Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $54,600 Factory Insurance $4,700 Raw Materials Inventory 6/30/20 44,200 Factory Machinery Depreciation 17,700 Finished Goods Inventory 7/1/19 96,800 Factory Utilities 31,600 Finished Goods Inventory 6/30/20 26,300 Office Utilities Expense 8,550 Work in Process Inventory 7/1/19 24,600 Sales Revenue 562,900 Work in Process Inventory 6/30/20 29,600 Sales Discounts 4,600 Direct Labor 147,050 Plant Manager’s Salary 65,400 Indirect Labor 25,660 Factory Property Taxes 9,610 Accounts Receivable 35,300 Factory Repairs 2,500 Raw Materials Purchases 98,100 Cash 36,300

(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) $ $ $ $ SHOW LIST OF ACCOUNTS

Answer 1

Schedule of Cost of goods manufactured

Direct materials:
Beginning raw material inventory	54,600
Add: Purchases of raw material	98,100
Total raw materials available	152,700
Less: Ending raw materials inventory	- 44,200
Raw materials used in production		108,500
Direct labor		147,050
Factory overhead:
Indirect labor	25,660
Factory Insurance	4,700
Factory utilities	31,600
Factory machinery depreciation	17,700
Plant Manager’s Salary	65,400
Factory Property Taxes	9,610
Factory Repairs	2,500
Total factory overheads		157,170
Total manufacturing cost		412,720
Add: Beginning work in process inventory		24,600
Total cost of work in process		437,320
Less: Ending work in process inventory		- 29,600
Cost of goods manufactured		$407,720

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