Question

Q.4 Malibu Corporation provided the following information for the year: Beginning Balance -Work-in-Process Inventory Ending Balance - Work-in-Process Inventory Beginning Balance - Raw Materials Inventory Ending Balance - Raw Materials Inventory Purchases - Raw Materials Direct Labor Indirect Labor Depreciation on Factory Plant and Equipment Plant Utilities and Insurance $26,000 55,000 81,000 59,000 360,000 471,000 19,000 24,000 268,000

Answer 1

Q5. Dreams Manufacturing, Inc. provided the following information for the year: Purchases Raw Materials $270.000 Plant Utilities and Insurance 202.500 Indirect Materials 35,250 Indirect Labor 14.250 Ending Balance - Work-in-Process Inventory 42.000 Ending Balance-Raw Materials Inventory 45.000 Direct Labor 352,500 Depreciation on Factory Plant and Equipment 18,000 Beginning Balance Work-in-Process Inventory 18,000 Beginning Balance Raw Materials Inventory 63,000 Required: Prepare a statement of the cost of goods manufactured using the following format: Schedule of Cost of Goods Manufactured Beginning Work-in-Process Inventory Direct Materials Used: Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead: Indirect Materials Indirect Labor Depreciation--Plant and Equip. Plant Utilities and Insurance Total Manufacturing Overhead Total Manufacturing Costs Incurred During the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured

Answer 2

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Malibu
Cost of goods manufactured	Amount $	Amount $	Amount $
Beginning Work in process inventory			26,000.00
Direct materials used in production
Beginning raw material inventory	81,000.00
Add: Purchases	360,000.00
Less: Ending raw material inventory	59,000.00
Direct materials used		382,000.00
Direct Labor		471,000.00
Manufacturing Overhead
Indirect Labor	19,000.00
Depreciation on factory, plant and equipment	24,000.00
Plant, utilities and maintenance	268,000.00
Total Manufacturing Overhead		311,000.00
Total Manufacturing costs			1,164,000.00
Total cost of work in process			1,190,000.00
Less: Ending Work in process inventory			55,000.00
Cost of goods manufactured			1,135,000.00