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The following data have been taken from the accounting records of Graham Corporation for the year...

The following data have been taken from the accounting records of Graham Corporation for the year ended December 31, 2019. Total manufacturing overhead costs incurred $338,000 Manufacturing overhead applied to Work in Process 345,000 Purchases of raw materials 235,000 Direct labor 135,000 Raw materials inventory - January 1, 2019 10,000 Raw materials inventory - December 31, 2019 15,000 Work in process inventory - January 1, 2019 20,000 Work in process inventory - December 31, 2019 35,000 Finished goods inventory – January 1, 2019 75,000 Finished goods inventory – December 31, 2019 90,000


a. Prepare a Schedule of Cost of Goods Manufactured for the year.
b. Prepare a Schedule of Cost of Goods Sold for the year.

Solutions

Expert Solution

a) Cost of goods manufactured for the year
Raw materials inventory,january 1,2019 10,000
add purchases 235,000
Raw materials available 245,000
Raw materials inventory,December 31,2019 15,000
Raw materials used 230,000
Direct labor 135,000
Manufacturing overhead 345,000
total manufacturing cost 710,000
Work in process inventory,January 1,2019 20,000
total manufacturing cost and work in process 730,000
Work in process inventory,december 31,2019 35,000
Cost of goods manufactured for the year 695,000
b) Cost of goods sold for the year
Finished goods inventory,January 1,2019 75,000
Add cost of goods manufactured for the year 695,000
cost of goods available for sale 770,000
Finished goods inventory,december 31,2019 90,000
Unadjusted cost of goods sold 680,000
less overhead overapplied 7000
Adjusted cost of goods sold 673,000

ekkarill92 answered 3 months ago
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