From the account balances listed below, prepare a schedule of cost of goods manufactured for SeSame...
From the account balances listed below, prepare a schedule of
cost of goods manufactured for SeSame Manufacturing Company for the
month ended December 31, 2011 with proper heading.
Finished Goods Inventory, December 31 $52,000
Factory Supervisory Salaries 14,000
Income Tax Expense 18,000
Raw Materials Inventory, December 1 23,000
Work In Process Inventory, December 31 13,000
Sales Salaries Expense 14,000
Factory Depreciation Expense 6,000
Finished Goods Inventory, December 1 45,000
Raw Materials Purchases 97,000
Work In Process Inventory, December 1 35,000
Factory Utilities Expense 8,000
Direct Labor 75,000
Raw Materials Inventory, December 31 28,000
Sales Returns and Allowances 5,000
Indirect Labor 22,000
1. Construct a Cost of Goods manufactured schedule
2. How many inventories are included on the Cost Of Goods Manufactured Scheduled
3. Classify all of the costs above as either, variable, fixed, mixed
Homework Answers
| Ques 1 | ||
| Work in process, December 1 | $ 35,000 | |
| Direct materials | ||
| Raw materials inventory, December 1 | $ 23,000 | |
| Raw materials purchases | $ 97,000 | |
| Total raw materials available for use | $ 120,000 | |
| Less: Raw materials inventory, December 31 | $ 28,000 | |
| Direct materials used | $ 92,000 | |
| Direct labor | $ 75,000 | |
| Manufacturing overhead | ||
| Indirect labor | $ 22,000 | |
| Factory supervisory salaries | $ 23,000 | |
| Factory depreciation expense | $ 6,000 | |
| Factory utilities expense | $ 8,000 | |
| Total manufacturing overhead | $ 59,000 | |
| Total manufacturing costs | $ 226,000 | |
| Total cost of work in process | $ 261,000 | |
| Less: Work in process, December 31 | $ 13,000 | |
| Cost of goods manufactured | $ 248,000 | |
| Ques 2 | ||
| Ra material inventory included | $ 92,000 | |
| Ques 3 | ||
| Direct Materials | Variable | |
| Direct Labor | Variable | |
| Utilities | Mixed | |
| Supervisor salaries | Fixed | |
| Depreciation expense | Fixed | |
| Indirect labor | Mixed | |
| (P.S:The costs classified above are only which appear | ||
| in the cost of goods sold schedule) |
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(Assume all raw materials used were direct
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administrative expenses
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