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In: Accounting

Prepare a Statement of Cost of Goods Manufactured for Frank's Furniture for the year ending December...

Prepare a Statement of Cost of Goods Manufactured for Frank's Furniture for the year ending December 2019.

Advertising Expense - $ 22250
Depreciation expense – Office Equip - 10,440
Depreciation expense – Selling Equip - 12,125
Depreciation expense – Factory Equip. - 37,400
Direct Labor - 564,500
Factory supervision - 123,400
Factory supplies used (indirect materials) - 8,060
Factory utilities - 39,500
Inventories:  
Raw Materials, Dec 31, 2018 - 42,375
Raw Materials, Dec 31, 2019 - 72,430
Goods-in-Process, Dec 31, 2018 - 14,500
Goods-in-Process, Dec 31, 2019 - 16,100
Finished Goods, Dec 31, 2018 - 179,200
Finished Goods, Dec 31, 2019 - 143,750
Income taxes expense - 138,700
Indirect labor - 61,000
Misc. Production costs - 10,440
Office salaries expense - 72,875
Raw materials purchased - 896,375
Rent expense – office space - 25,625
Rent expense – selling space - 29,000
Rent expense – factory building - 95,500
Maintenance expense - factory - 32,375
Sales - 5,002,000

Sales Discounts - 59,375
Sales salaries expense - 297,300

FRANK'S FURNITURE
Manufacturing Statement
For the year ended December 31, 2019
Direct Materials
Raw materials inventory, December 31, 2018
Raw materials purchased
Raw materials available for use
Less raw materials inventory, December 31, 2019
Direct materials used
Direct Labor
Factory Overhead
Depreciation expense - Factory Equipment
Factory Supervision
Factory Supplies used
Factory Utilities
Indirect Labor
Miscellaneous production costs
Rent expense - Factory building
Misc. Factory maintenance
Total factory overhead costs
Total manufacturing costs
Goods-in-Process Inventory, December 31, 2018
Total cost of goods in process
Less Goods-in-Process Inventory, December 31, 2019
Cost of Goods Manufactured

Thank you!

Solutions

Expert Solution

FRANK'S FURNITURE
Manufacturing Statement
For the year ended December 31, 2019
Direct Materials
Raw materials inventory, December 31, 2018 42375
Raw materials purchased 896375
Raw materials available for use 938750
Less raw materials inventory, December 31, 2019 -72430
Direct materials used 866320
Direct Labor 564500
Factory Overhead
Depreciation expense - Factory Equipment 37400
Factory Supervision 123400
Factory Supplies used 8060
Factory Utilities 39500
Indirect Labor 61000
Miscellaneous production costs 10440
Rent expense - Factory building 95500
Misc. Factory maintenance 32375
Total factory overhead costs 407675
Total manufacturing costs 1838495
Goods-in-Process Inventory, December 31, 2018 14500
Total cost of goods in process 1852995
Less Goods-in-Process Inventory, December 31, 2019 -16100
Cost of Goods Manufactured 1836895

ekkarill92 answered 3 years ago
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