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In: Accounting

1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the...

1) Prepare a Cost of Goods Manufactured Statement and determine Cost of Goods Sold using the following information:
IF YOU DO NOT LABEL YOUR ANSWERS, YOU WILL NOT RECEIVE CREDIT
Beginning Raw Materials Inventory $1,000
Beginning Work-In-Process Inventory $2,000
Beginning Finished Goods Inventory $3,000
Ending Raw Materials Inventory $1,500
Ending Work-In-Process Inventory $2,500
Ending Finished Goods Inventory $3,500
Raw Materials Purchases $1,250
Direct Labor $750
Factory Overhead $750
2) Prepare journal entries, if necessary, for the following as of the dates listed
IF YOU DO NOT INDENT PROPELY, I WILL NOT LOOK AT ANY OF THE ENTRY
1-Mar It is estimated that $15,000 of overhead will be incurred in March
It is estimated that 1,500 hours of labor will be incurred in March
Overhead will be allocated based on Labor Hours
1-Mar Purchased raw materials on account for $10,000
10-Mar $8,000 of raw materials were requisitioned to begin Job 100
31-Mar Laborers, who are paid $10.00 per hour, worked 1,450 hours on Job 100
31-Mar Overhead of $15,500 was actually incurred

Solutions

Expert Solution

SCHEDULE SHOWING COST OF GOODS MANUFACTURED;
Beginning raw material inventory 1000
Add: Purchases 1250
Less: Ending inventory -1500
Direct material consumed 750
Direct labour 750
Mnaufacturing OH 750
Total manufacturing cost incurred 2250
Add: Beginning Work in process 2000
Less: Ending Work in process 2500
Cost of Goods manufactured 1750
SCHEDULE SHOWING COST OF GOODS SOLD
Cost of Goods manufactured 1750
Add: Beginning Finished Goods 3000
Less: Ending Finished Goods 3500
Cost of Goods sold 1250
Req 2:
Date Accounts title and explanation Debit $ Credit $
1-Mar No entry
1-Mar Raw material inventory Dr. 10000
Accounts payable 10000
10-Mar Work in process Inventory Dr. 8000
    Raw material inventory 8000
31-Mar Direct wages Dr. 14500
    cash Account 14500
31-Mar Work in process Account Dr. 14500
    Direct wages 14500
31-Mar Manufacturing Overheads Dr. 15500
    Accounts payable 15500
31-Mar Work in process Account Dr. 14500
    Manufacturing Overheads 14500
Note: Predetermined OH rate: Estimated OH/ Dorect hours = 15000/1500 = $ 10 per DLH

ekkarill92 answered 2 years ago
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