Question

In: Accounting

Schedule of Cost of Goods Manufactured Sydney Company reported the following amounts for October: Beginning raw...

Schedule of Cost of Goods Manufactured Sydney Company reported the following amounts for October:
Beginning raw materials inventory $         80,000
Beginning work-in-process inventory           140,000
Beginning finished goods inventory           500,000
Raw materials purchases           570,000
Wages paid           310,000
Applied manufacturing overhead           900,000
Ending raw materials inventory           100,000
Ending work-in-process inventory           200,000
Ending finished goods inventory           450,000

Prepare a schedule of cost of goods manufactured for October.

Solutions

Expert Solution

Answer:

Sydney Company
Schedule of Cost of Goods Manufactured For October
Direct Materials:
Beginning raw materials inventory $ 80,000
Add: Purchases of raw materials $ 570,000
Raw Materials available for use $ 650,000
Less: Ending raw materials inventory $ 100,000
Raw Materials Used in Production $ 550,000
Add: Direct labor $ 310,000
Add: Manufacturing overhead $ 900,000
Total Manufacturing Costs $ 1,760,000
Add: Beginning work in process inventory $ 140,000
$ 1,900,000
Less: Ending work in process inventory $ 200,000
Cost og Goods Manufactured $ 1,700,000

ekkarill92 answered 2 years ago
Next > < Previous

Related Solutions

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.
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...
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%...
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...
Assume that in preparing the cost of goods manufactured schedule, several errors were made. Raw materials...
Assume that in preparing the cost of goods manufactured schedule, several errors were made. Raw materials purchases, sales revenue and factory depreciation should have been $106,400, $584,000 and $18,000 respectively. Show the impact of these changes on the cost of goods manufactured schedule, income statement and balance sheet. The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017. Raw Materials Inventory,7/1/16 $48,000 Factory Machinery Depreciation $16,000 Raw Materials Inventory, 6/30/17 39,600...
Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information....
Prepare the 2017 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials $190,500 Direct labor 63,150 Factory overhead costs 24,000 Work in process, Dec. 31, 2016 157,600 Work in process, Dec. 31, 2017 142,750 Barton Company Schedule of Cost of Goods Manufactured For Year Ended December 31, 2017 Cost of goods manufactured   
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT