Question

The Rogue River Manufacturing Company The following information was taken from the year-end Adjusted Trial Balance of the Rogue River Manufacturing Company: + Manufacturing Accounts: Materials Inventory - Resin A, January 1 Materials Inventory - Resin A, December 31 Materials Inventory - Hardener Q, January 1 Materials Inventory - Hardener Q, December 31 Work in Process Inventory, January 1 Work in Process Inventory, December 31 Materials Purchased Cost - Resin A Materials Purchased Cost - Hardener Direct Manufacturing Labor Cost - Dept. A Direct Manufacturing Labor Cost – Dept. B Supervisory Labor Cost Set-up Cost Utility Cost Engineering Cost Fringe Benefit Cost Purchasing Cost Data Entry Cost Depreciation Cost Property Tax Cost Insurance Cost Non-manufacturing Accounts: Notes Payable - Short-term Retained Earnings - January 1 Finished Goods Inventory, January 1 Cash Finished Goods Inventory, December 31 Interest Expense (General & Admin.) Accounts Payable Marketing, Delivery Expense Marketing, Advertising Expense Plant and Equipment Income Tax Payable Accumulated Depreciation Administrative Expense Accounts Receivable Sales Revenue Dividends Declared Common Stock $2,712 3,528 8,000 10,526 20,000 50,000 42,110 178,900 120,317 98,974 900,000 298,222 15,233 40,015 168,213 52,300 10,111 360,000 18,000 60,000 $90,092 658,848 38,555 209,000 46,800 12,200 34,422 327,000 120,000 4,081,000 From Income Statement 900,000 300,000 309.500 3,757,000 300,000 2,650,000

Additional Information:

1. round to the nearest whole dollar.
2. The income tax rate is 35%.
3. The company uses actual costing

Create a Detailed Cost of Goods Manufactured Statement for the year

Answer 1

A B D E 1 O UN Materials Inventory-Resin A, January 1 Materials Inventory-Hardener Q, January 1 Materials Purchased Cost - Resm A Materials Purchased Cost - Hardener Q Less: Ending raw materials inventory Materials Inventory-Resin A, December 31 Materials Inventory-Hardener Q, December 31 $ $ $ $ 2,712 8,000 42,110 1,78,900 6 7 8 9 10 $ $ $ $ $ $ -3,528 -10,526 2,17,668 1,20,317 98,974 4,36,959 11 12 13 14 15 16 17 18 $ $ $ $ $ $ 19 20 21 22 23 24 25 Direct Manufacturing Labor Cost - Dept. A Direct Manufacturing Labor Cost - Dept. B Prime Cost Add: Supervisory Labor Cost Set-up Cost Utility Cost Engineering Cost Fringe Benefit Cost Purchasing Cost Data Entry Cost Depreciation Cost Property Tax Cost Insurance Cost Total Manufacturing Cost Work in Process Inventory, January 1 Less: Work in Process Inventory, December 31 Cost of goods Manufactured Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Cost of goods Sold 9,00,000 2,98,222 15,233 40,015 1,68,213 52,300 10,111 3,60,000 18,000 60,000 23,59,053 20,000 -50,000 23,29,053 38,555 -46,800 23,20,808 26 27 28 29 30 31 $ $ $ $ $ 32

Formula:

A B Hm + 3 4 5 6 7 8 9 10 Materials Inventory-Resin A, January Materials Inventory-Hardener Q, January 1 Materials Purchased Cost - Resm A Materials Purchased Cost - Hardener Q Less: Ending raw materials inventory Materials Inventory-Resin A, December 31 Materials Inventory-Hardener Q, December 31 2712 8000 42110 178900 -3528 -10526 =SUM(D3:09) 120317 98974 =SUM(D10:012) 11 12 13 14 15 16 17 18 19 20 21 Direct Manufacturing Labor Cost - Dept. A Direct Manufacturing Labor Cost - Dept. B Prime Cost Add: Supervisory Labor Cost Set-up Cost Utility Cost Engineering Cost Fringe Benefit Cost Purchasing Cost Data Entry Cost Depreciation Cost Property Tax Cost Insurance Cost Total Manufacturing Cost Work in Process Inventory, January 1 Less: Work in Process Inventory, December 31 Cost of goods Manufactured Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Cost of goods Sold 22 23 24 25 26 27 28 29 900000 298222 15233 40015 168213 52300 10111 360000 18000 60000 =SUM(D13:D24) 20000 |-50000 I-SUM(D25:D27) 38555 |-46800 |=SUM(D28:D30) 30 31 32

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