Question
In: Accounting
Schedule of cost of goods manufactured
Schedule of Cost of Goods Manufactured
The company reported the following information for the year:
Prepare a schedule of cost of goods manufactured for the year.
Solutions
Expert Solution
Cost of goods includes all direct costs and indirect costs related to the factory. It will exclude all indirect costs related to office and administrative activities and selling and distribution activities.
Prepare Schedule of Cost of Goods Manufactured for the Year Ended December 31:
|
Direct materials: Beginning raw materials inventory 40,000 Add: Purchases of raw materials 230,000 Cost of raw materials in use 270,000 Less: Ending raw materials inventory (34,000)
Raw materials used in production Direct labor Manufacturing overhead: Depreciation of factory building 32,000 Factory supervisor’s salary 56,000 Indirect labor 36,000 Total manufacturing cost Add: Beginning work in process inventory Less: Closing work in process inventory Cost of goods manufactured |
$236,000 198,000 124,000 558,000 76,000 634,000 (100,000) 534,000 |
Notes: salespersons' salary and Advertising costs are indirect costs incurred for selling the product.
Depreciation of company headquarters building is an indirect administration cost. So these items will not be included in the cost of goods manufactured.
Dr. OWL answered 3 years agoRelated Solutions
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Pre-determined manufacturing overhead rate = Total estimated
manufacturing overheads / Estimated direct labor hours = = $3600/12
hours = $300 per direct labor hour
Step 2:
Cost Sheet
Job # 1
Direct materials $
Table top
2000
Legs ($650 x 4)
2600
Drawer
0
4600
Direct labor cost @ $20 per hour
(3x2x$30)
180
Manufacturing overheads...
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Sold, the cost of goods manufactured is computed according to which
of the following equations?
Multiple Choice
Cost of goods manufactured = Total manufacturing costs +
Beginning finished goods inventory – Ending finished goods
inventory
Cost of goods manufactured = Total manufacturing costs +
Beginning work in process inventory – Ending work in process
inventory
Cost of goods manufactured = Total manufacturing costs + Ending
work in process...
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Listed below is information related to RRR Co’s manufacturing
activities for the month of October 2020.
Ending
Balance
Beginning Balance
Materials
Inventory
$197,000
$
211,000
Work in Process
Inventory
59,000
78,000
Finished Goods
Inventory
91,000
82,000
During October 2020, RRR Company purchased $105,000 of raw
materials and incurred direct labor costs of $77,100. The...
Preparing a Schedule of Cost of Finished Goods Manufactured, Cost of Goods Sold Schedule, and an...
Preparing a Schedule of Cost of Finished Goods Manufactured,
Cost of Goods Sold Schedule, and an Income Statement. Listed below
is information related to Danbury Co’s manufacturing activities for
the month of July 2016. Ending Balance Beginning Balance Materials
Inventory $7,500 $ 6,000 Goods in Process Inventory 11,000 2,000
Finished Goods Inventory 10,000 9,000 During July 2016, Danbury
Company purchased $20,000 of raw materials and incurred direct
labor costs of $14,160. The company applies overhead at a rate of
50%...
An incomplete cost of goods manufactured schedule is presented below. Complete the cost of goods manufactured...
An incomplete cost of goods manufactured schedule is presented
below.
Complete the cost of goods manufactured schedule for Monty
Company.
MONTY COMPANY
Cost of Goods Manufactured Schedule
For the Month Ended December 31, 2017December 31, 2017For the Year
Ended December 31, 2017
Work in process (1/1)
$213,900
Direct materials
Raw materials inventory (1/1)
$
Add: Raw materials purchases
164,300
Total raw...
Preparation of a Schedule of Cost of Goods Manufactured and Cost of Goods Sold The following...
Preparation of a Schedule of Cost of Goods Manufactured
and Cost of Goods Sold
The following cost and inventory data for the year just
completed are taken from the accounting records of Eccles
Company:
Costs incurred:
Advertising expense ...........................$100,000
Direct labour cost ..................................$80,000
Purchases of raw materials ................$137,000
Rent, factory building ............................$80,000
Indirect labour
.......................................$56,300
Sales commissions................................$35,000
Utilities, factory
........................................$9,000
Maintenance, factory equipment ...........$24,000
Supplies, factory ........................................
$700
Depreciation, office equipment.................$8,000
Depreciation, factory equipment ............$40,000
Beginning
End
of...
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...
Which of the following accounts would not appear on a schedule of cost of goods manufactured?...
Which of the following accounts would not appear on a schedule
of cost of goods manufactured?
Multiple Choice
Depreciation on factory equipment.
Raw materials inventory.
Wages payable.
Indirect labor.
Factory insurance expired.
Schedule of Cost of Goods Manufactured and Sold The following amounts are available for 2016 for...
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The following amounts are available for 2016 for Bourne
Manufacturing Company:
Administrative salaries (non-factory)
$210,000
Administrative rent (non-factory)
105,000
Advertising and promotion expense
123,000
Depreciation-administrative
66,000
Depreciation-factory
90,000
Depreciation-selling
51,000
Direct labor
525,000
Factory rent
54,000
Factory supplies used
36,000
Finished goods inventory (January 1)
171,000
Finished goods inventory (December 31)
156,000
Indirect material used
42,000
Indirect labor
57,000
Materials inventory (January 1)
39,000
Materials inventory (December 31)
60,000
Net delivered cost...
Let's discuss the format of the Schedule of Cost of Goods Manufactured. What is included in...
Let's discuss the format of the Schedule of Cost of Goods
Manufactured. What is included in this schedule and what does it
tell us?
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