In: Accounting
Exercise 15-16
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2017.
Inventory |
Beginning |
Ending |
||
Raw materials | $9,460 | $14,020 | ||
Work in process | 6,380 | 8,070 | ||
Finished goods | 9,350 | 6,960 |
Costs incurred: raw materials purchases $56,410, direct labor
$50,600, manufacturing overhead $23,980. The specific overhead
costs were: indirect labor $6,520, factory insurance $4,810,
machinery depreciation $4,590, machinery repairs $2,330, factory
utilities $3,910, and miscellaneous factory costs $1,820. Assume
that all raw materials used were direct materials.
(a) Prepare the cost of goods manufactured
schedule for the month ended June 30, 2017.
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(Drop down options) Cost of Goods Manufactured, Direct Labor, Direct Materials, Direct Materials Used, Facility Insurance, Factory Utilies, Indirect Labor, Machinery Depreciation, Machinery Repairs, Manufacturing Overhead, Misc. Factory Costs, Raw Materials Inventory June 1, Raw Materials Inventory June 30, Raw Materials Purchases, Total Cost of Work in Process, Total Manufacturing Costs, Total Manufacturing Overhead, Total Raw Materials available for Use, Work in Process Inventory June 1st, Work in Process Inventory June 30, Finished Goods Inventory June 1, Finished Goods Inventory June 30
Roberts Company |
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Cost of Goods Manufactured |
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For the month ended June 30, 2017 |
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Beginning Work in process |
$ 6,380.00 |
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Direct materials used |
|||
Raw material Inventory Beginning |
$ 9,460.00 |
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Raw material Purchased |
$ 56,410.00 |
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Raw material available for use |
$ 65,870.00 |
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Less: Raw material Inventory Ending |
$ 14,020.00 |
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Direct Material Used |
$ 51,850.00 |
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Direct labor |
$ 50,600.00 |
||
Manufacturing Overheads |
|||
Indirect labor |
$ 6,520.00 |
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Factory insurance |
$ 4,810.00 |
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Machinery depreciation |
$ 4,590.00 |
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Machine repairs |
$ 2,330.00 |
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Factory utilities |
$ 3,910.00 |
||
Miscellaneous factory cost |
$ 1,820.00 |
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Total Manufacturing overheads |
$ 23,980.00 |
||
Total manufacturing cost incurred during the year |
$ 1,26,430.00 |
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Total manufacturing cost to account for |
$ 1,32,810.00 |
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Less: Ending WIP inventory |
$ 8,070.00 |
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Cost of goods manufactured |
$ 1,24,740.00 |