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In: Accounting

Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise...

Messinger Manufacturing Company had the following account balances for the quarter ending March 31, unless otherwise noted: Work-in-process inventory (January 1) $ 140,400 Work-in-process inventory (March 31) 171,000 Finished goods inventory (January 1) 540,000 Finished goods inventory (March 31) 510,000 Direct materials used 378,000 Indirect materials used 84,000 Direct manufacturing labor 480,000 Indirect manufacturing labor 186,000 Property taxes on manufacturing plant building 28,800 Salespersons' company vehicle costs 12,000 Depreciation of manufacturing equipment 264,000 Depreciation of office equipment 123,600 Miscellaneous plant overhead 135,000 Plant utilities 92,400 General office expenses 305,400 Marketing distribution costs 30,000 Required: a. Prepare a cost of goods manufactured schedule for the quarter. b. Prepare a cost of goods sold schedule for the quarter.

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Expert Solution

a.

Messinger Manufacturing Company
Cost of Goods Manufactured Schedule
For the Quarter Ended March 31
Direct materials 378000
Direct labor 480000
Manufacturing overheads
Indirect materials 84000
Indirect labor 186000
Property taxes on plant building 28800
Depreciation of manufacturing equipment 264000
Miscellaneous plant overhead 135000
Plant utilities 92400 790200
Total current manufacturing costs 1648200
Add: Beginning work in process 140400
Total cost of work in process 1788600
Less: Ending work in process 171000
Cost of goods manufactured $ 1617600

b.

Messinger Manufacturing Company
Cost of Goods Sold Schedule
For the Quarter Ended March 31
Cost of goods manufactured $ 1617600
Add: Beginning finished goods 540000
Cost of goods available for sale 2157600
Less: Ending finished goods 510000
Cost of goods sold $ 1647600

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