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.
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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 agoRelated Solutions
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Drawer
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