In: Accounting
Problema
From the account balances listed below, prepare a schedule of cost of goods manufactured for La Lave Manufacturing Company for the month ended December 31, 2018.
Account Description |
A/C Balance |
Account Description |
A/C Balance |
Finished Goods Inventory, December 31 |
$42,000 |
Raw Materials Purchases |
$ 95,000 |
Factory Supervisory Salaries |
12,000 |
Work In Process Inventory, December 1 |
30,000 |
Income Tax Expense |
18,000 |
Factory Utilities Expense |
4,000 |
Raw Materials Inventory, December 1 |
12,000 |
Direct Labor |
70,000 |
Work In Process Inventory, December 31 |
25,000 |
Raw Materials Inventory, December 31 |
19,000 |
Sales Salaries Expense |
14,000 |
Sales Returns and Allowances |
5,000 |
Factory Depreciation Expense |
8,000 |
Indirect Labor |
21,000 |
Finished Goods Inventory, December 1 |
35,000 |
Sales Discounts |
3,000 |
Solución Problema II
Cost of Goods Manufactured Schedule |
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Work in process, December 1 |
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Direct materials |
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Raw materials inventory, December 1 |
$ |
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Raw materials purchases |
|||
Total raw materials available for use |
$ |
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Less: Raw materials inventory, December 31 |
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Direct materials used |
$ |
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Direct labor |
|||
Manufacturing Overhead |
|||
Indirect Labor |
$ |
||
Factory supervisory salaries |
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Factory depreciation expense |
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Factory utilities expense |
|||
Total manufacturing overhead |
|||
Total manufacturing costs Added |
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Total cost of work in process |
$ |
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Less: Work in process, December 31 |
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Cost of goods manufactured |
Cost of Goods Manufactured Schedule | |||
Work in process, December 1 | $30000 | ||
Direct materials | |||
Raw materials inventory, December 1 | $12000 | ||
Raw materials purchases | $95000 | ||
Total raw materials available for use | $107000 | ||
Less: Raw materials inventory, December 31 | $19000 | ||
Direct materials used | $88000 | ||
Direct labor | $70000 | ||
Manufacturing Overhead | |||
Indirect Labor | $21000 | ||
Factory supervisory salaries | $12000 | ||
Factory depreciation expense | $8000 | ||
Factory utilities expense | $4000 | ||
Total manufacturing overhead | $45000 | ||
Total manufacturing costs Added | |||
Total cost of work in process | $233000 | ||
Less: Work in process, December 31 | $25000 | ||
Cost of goods manufactured | $208000 |