Question

In: Accounting

Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold The following...

Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold

The following cost and inventory data for the year just completed are taken from the accounting records of Eccles Company:

Costs incurred:

Advertising expense ...........................$100,000

Direct labour cost ..................................$80,000

Purchases of raw materials ................$137,000

Rent, factory building ............................$80,000

Indirect labour .......................................$56,300

Sales commissions................................$35,000

Utilities, factory ........................................$9,000

Maintenance, factory equipment ...........$24,000

Supplies, factory ........................................ $700

Depreciation, office equipment.................$8,000

Depreciation, factory equipment ............$40,000

                                                            Beginning                  End

                                                            of Year                       of Year

Inventories:

Raw materials ......................          $10,000                      $8,000

Work in process .....................        $20,000                      $5,000

Finished goods .....................          $25,000                      $70,000

Required:

1. Prepare a schedule of cost of goods manufactured.

2. Prepare the cost of goods sold section of Eccles Company's income statement for the year.

Solutions

Expert Solution

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold...
Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold and Income Statement; this ie the jouranl entries Pre-determined manufacturing overhead rate = Total estimated manufacturing overheads / Estimated direct labor hours = = $3600/12 hours = $300 per direct labor hour Step 2: Cost Sheet Job # 1 Direct materials $ Table top 2000 Legs ($650 x 4) 2600 Drawer 0 4600 Direct labor cost @ $20 per hour (3x2x$30) 180 Manufacturing overheads...
In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of...
In the Schedule of Cost of Goods Manufactured and Cost of Goods Sold, the cost of goods manufactured is computed according to which of the following equations? Multiple Choice Cost of goods manufactured = Total manufacturing costs + Beginning finished goods inventory – Ending finished goods inventory Cost of goods manufactured = Total manufacturing costs + Beginning work in process inventory – Ending work in process inventory Cost of goods manufactured = Total manufacturing costs + Ending work in process...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an Income Statement. Listed below is information related to RRR Co’s manufacturing activities for the month of October 2020. Ending Balance                       Beginning Balance Materials Inventory                                                                 $197,000                                    $ 211,000 Work in Process Inventory                                                       59,000                                         78,000                     Finished Goods Inventory                                                        91,000                                           82,000 During October 2020, RRR Company purchased $105,000 of raw materials and incurred direct labor costs of $77,100. The...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an Income Statement. Listed below is information related to Danbury Co’s manufacturing activities for the month of July 2016. Ending Balance Beginning Balance Materials Inventory $7,500 $ 6,000 Goods in Process Inventory 11,000 2,000 Finished Goods Inventory 10,000 9,000 During July 2016, Danbury Company purchased $20,000 of raw materials and incurred direct labor costs of $14,160. The company applies overhead at a rate of 50%...
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for...
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for Bourne Manufacturing Company: Administrative salaries (non-factory) $210,000 Administrative rent (non-factory) 105,000 Advertising and promotion expense 123,000 Depreciation-administrative 66,000 Depreciation-factory 90,000 Depreciation-selling 51,000 Direct labor 525,000 Factory rent 54,000 Factory supplies used 36,000 Finished goods inventory (January 1) 171,000 Finished goods inventory (December 31) 156,000 Indirect material used 42,000 Indirect labor 57,000 Materials inventory (January 1) 39,000 Materials inventory (December 31) 60,000 Net delivered cost...
Schedule of cost of goods manufactured
Schedule of Cost of Goods Manufactured The company reported the following information for the year: Prepare a schedule of cost of goods manufactured for the year.
Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2...
Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2 Beck Manufacturing reports the information below for 2017. Raw Materials Inventory Begin. Inv. 12,500 Purchases 55,000 Avail. for use 67,500 DM used 49,000 End. Inv. 18,500 Work in Process Inventory Begin. Inv. 17,400 DM used 49,000 Direct labor 31,700 Overhead 61,000 Avail. for mfg. 159,100 Cost of goods mfg 146,300 End. Inv. 12,800 Finished Goods Inventory Begin. Inv. 21,400 Cost of goods mfg 146,300...
Problem Set A p. 59 P2-1A. Schedule of Cost of Goods Manufactured and Sold The Following...
Problem Set A p. 59 P2-1A. Schedule of Cost of Goods Manufactured and Sold The Following amounts are available for 2019 for Bourne Manufacturing Company: Administrative salaries (non-factory)…………………………………………………………………………………………$70,000 Administrative rent (non-factory)…………………………………………………………………………………………….35,000 Advertising and promotion expense………………………………………………………………………………………..41,000 Depreciation-administrative……………………………………………………………………………………………………22,000 Depreciation-factory……………………………………………………………………………………………………………..30,000 Depreciation-selling………………………………………………………………………………………………………………17,000 Direct labor…………………………………………………………………………………………………………………………..175,000 Factory rent…………………………………………………………………………………………………………………………18,000 Factory supplies used………………………………………………………………………………………………………….12,000 Finished goods inventory (January 1)………………………………………………………………………………….57,000 Finished goods Inventory (December 31)…………………………………………………………………………..50,000 Indirect materials used………………………………………………………………………………………………………14,000 Indirect labor………………………………………………………………………………………………………………………19,000 Materials inventory (January 1)………………………………………………………………………………………….15,000 Materials inventory (December 31)……………………………………………………………………………………..20,000 Net delivered cost of materials purchased…………………………………………………………………………….138,000 Other factory overhead……………………………………………………………………………………………………………26,000 Sales………………………………………………………………………………………………………………………………………845,000 Sales Salaries...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured schedule for Monty Company. MONTY COMPANY Cost of Goods Manufactured Schedule                                                           For the Month Ended December 31, 2017December 31, 2017For the Year Ended December 31, 2017 Work in process (1/1) $213,900 Direct materials    Raw materials inventory (1/1) $    Add: Raw materials purchases 164,300    Total raw...
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data...
Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement The following data from the just completed year are taken from the accounting records of Mason Company: Sales .......................................... $524,000 Direct labor cost.................................. $70,000 Raw material purchases............................ $118,000 Selling expenses ................................. $140,000 Administrative expenses ........................... $63,000 Manufacturing overhead applied to work in process ...... $90,000 Actual manufacturing overhead costs ................. $80,000 Inventories Beginning of End of Year Year Raw materials.............. $7,000 $15,000 Work in process............ $10,000 $5,000...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT