Question

In: Accounting

As of December 31, the following information for Baldwin Company is provided: Administrative Salaries $24,000 Depreciation...

As of December 31, the following information for Baldwin Company is provided:

Administrative Salaries $24,000

Depreciation of Factory equipment 18,750

Depreciation of delivery vehicles 6,000

Direct Labor 51,000

Factory supplies used 9,000

Finished goods inventory, January 1 42,750

Finished goods inventory, December 31 52,000

Factory insurance 11,625

Interest expense 10,000

Factory utilities 10,500

Factory maintenance 5,625

Raw materials inventory, January 1 7,000

Raw materials inventory, December 31 3,500

Raw material purchases 94,000

Rent on factory equipment 18,750

Repairs of factory equipment 8,600

Sales commissions 28,150

Goods in process inventory, January 1 4,000

Goods in process inventory, December 31 2,500

(a) Calculate the direct material used during the period.

(b) Calculate the total manufacturing costs incurred during the period.

(c) Calculate the Cost of Goods Manufactured during the period.

(d) Calculate the Cost of Goods Sold during the period.

Expert Solution

A. Calculate the direct material used during the period.

Raw materials inventory, January	7000
Add: Raw material purchase	94000
Less ;Raw materials inventory, December 31	-3500
Direct material used during the period.	97500

Direct material used during the period =$97500

__________________________________________________________

B. Calculate the total manufacturing costs incurred during the period.

Direct material used during the period.		97500
Direct labor		51000
Add; Other manufacturing cost
Depreciation of Factory equipment	18750
Factory supplies used	9000
Factory insurance	11625
Factory utilities	10500
Factory maintenance	5625
Rent on factory equipment	18750
Repairs of factory equipment	8600
Total overhead		82850
total manufacturing costs incurred during the period		231350

the total manufacturing costs incurred during the period =$231,350

_______________________________________________________________

C. Calculate the Cost of Goods Manufactured during the period.

Goods in process inventory, January 1	4000
Add: total manufacturing costs incurred during the period	231350
Less: Goods in process inventory, December 31	-2500
Cost of Goods Manufactured during the period.	232850

Cost of Goods Manufactured during the period =$232,850

__________________________________________________________________

D. Calculate the Cost of Goods Sold during the period.

Finished goods inventory, January 1	42750
Add: Cost of Goods Manufactured during the period.	232850
Less :Finished goods inventory, December 31	-52000
Cost of Goods Sold during the period	223600

Cost of Goods Sold during the period =223600

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