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In: Accounting

Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2...

Exercise 14-15 Schedule of cost of goods manufactured and cost of goods sold LO P1, P2

Beck Manufacturing reports the information below for 2017.

Raw Materials Inventory
Begin. Inv. 12,500
Purchases 55,000
Avail. for use 67,500
DM used 49,000
End. Inv. 18,500
Work in Process Inventory
Begin. Inv. 17,400
DM used 49,000
Direct labor 31,700
Overhead 61,000
Avail. for mfg. 159,100
Cost of goods mfg 146,300
End. Inv. 12,800
Finished Goods Inventory
Begin. Inv. 21,400
Cost of goods mfg 146,300
Avail. for sale 167,700
Cost of Goods Sold 147,300
End. Inv. 20,400


Required:
1. Prepare the schedule of cost of goods manufactured for the year.
2. Compute cost of goods sold for the year.

Part 1

Beck Manufacturing
Schedule of cost of goods manufactured
For year ended Dec 31, 2017
? ?   
? ?
? ?
Total manufacturing costs ?
? ?
Total cost of work in progress ?
? ?
Cost of goods manufactured $

Part 2

Beck manufacturing
Partial income statement
For year ended Dec 31, 2017
Cost of goods sold ?
? ?
? ?
Cost of goods for sale ?
? ?
Cost of goods sold ?


Solutions

Expert Solution

ekkarill92 answered 2 years ago
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