Question

In: Accounting

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 11 months ago
Next > < Previous

Related Solutions

The following data (in thousands of dollars) have been taken from the accounting records of the...
The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year. Sales $1,700 Raw materials inventory, beginning $50 Raw materials inventory, ending $25 Purchases of raw materials $210 Direct labor $360 Manufacturing overhead $330 Administrative expenses $400 Selling expenses $200 Work-in-process inventory, beginning $120 Work-in-process inventory, ending $150 Finished goods inventory, beginning $80 Finished goods inventory, ending $120 Use the above data to prepare (in thousands of dollars) a...
the following data have been obtained from the accounting records of filo corporation for the year...
the following data have been obtained from the accounting records of filo corporation for the year ended 31 deceber 2014. ACCOUNT: sales 860 000, purchaces of raw material 170 000, direct labour 220 000, manufacturing overhead 210 000, admistrative expenses 120 000,selling expenses 170 000, raw material inventory begining 10 000, raw material inventory ending 50 000, work in progress begining 80 000,work in progress ending 60 000, finished good inventory begining 110 000, finished good inventory ending 100 000....
The following data (in thousands of dollars) have been taken from the accounting records of Larner...
The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed: Sales $870 Purchase of raw materials 100 Direct labour 140 Manufacturing overhead 220 Administrative expenses 150 Selling expenses 150 Raw materials inventory, beginning 50 Raw materials inventory, ending 75 Work-in-process inventory, beginning 60 Work-in-process inventory, ending 5 Finished goods inventory, beginning 120 Finished goods inventory, ending 180 Required: (a)  Prepare a schedule of cost of goods manufactured in good...
The following data (in thousands of dollars) have been taken from the accounting records of Larop...
The following data (in thousands of dollars) have been taken from the accounting records of Larop Corporation for the just completed at the year Sales ................................................................................ Purchases of raw materials ............................................. Direct labor ..................................................................... Manufacturing overhead ................................................. Administrative expenses ................................................. Selling expenses.............................................................. ended of 31 March 2018 $870 $190 $200 $230 $150 $140 Raw material Work in process Finished goods Required: Inventory at Inventory at 31.3.2017 31.3.2018 $$ 10 40 20 50 90 130 a. Prepare a Schedule of Cost...
(TCO A) The following data (in thousands of dollars) have been taken from the accounting records...
(TCO A) The following data (in thousands of dollars) have been taken from the accounting records of the Maroon Corporation for the just-completed year. Sales 1,300 Raw materials inventory, beginning 25 Raw materials inventory, ending 30 Purchases of raw materials 250 Direct labor 350 Manufacturing overhead 500 Administrative expenses 300 Selling expenses 250 Work in process inventory, beginning 150 Work in process inventory, ending 100 Finished goods inventory, beginning 80 Finished goods inventory, ending 110 Use the above data to...
The following data (in thousands of dollars) have been taken from the accounting records of Larmont...
The following data (in thousands of dollars) have been taken from the accounting records of Larmont Corporation for the year just completed: Sales $990 Purchases of raw materials* $100 Direct labour $240 Indirect labour $100 Indirect material $10 Other Factory Overhead $100 Administrative expenses $100 Selling expenses $140 Raw materials inventory, beginning* $20 Raw materials inventory, ending* $80 Work in process inventory, beginning $50 Work in process inventory, ending $30 Finished goods inventory, beginning $160 Finished goods inventory, ending $150...
The following data (in thousands of dollars) have been taken from the accounting records of Larmont...
The following data (in thousands of dollars) have been taken from the accounting records of Larmont Corporation for the year just completed: Sales $990 Purchases of raw materials* $100 Direct labour $240 Indirect labour $100 Indirect material $10 Other Factory Overhead $100 Administrative expenses $100 Selling expenses $140 Raw materials inventory, beginning* $20 Raw materials inventory, ending* $80 Work in process inventory, beginning $50 Work in process inventory, ending $30 Finished goods inventory, beginning $160 Finished goods inventory, ending $150...
The following data (in thousands of dollars) have been taken from the accounting records of Adi’s...
The following data (in thousands of dollars) have been taken from the accounting records of Adi’s Custom Shoe Company as at September 30th Sales $ 450 Purchases of raw materials $ 50 Direct Labour $ 70 Manufacturing overhead $ 60 Administrative expenses $ 80 Selling expenses $ 65 Ram materials inventory, beginning $ 20 Ram materials inventory, ending $ 20 Work in process inventory, beginning $ 30 Work in process inventory, ending $ 20 Finished goods inventory, beginning $ 45...
The following data (in thousands of dollars) have been taken from the accounting records of Karling...
The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the year just ended. Sales $990 Raw materials inventory, beginning $40 Raw materials inventory, ending $70 Purchases of raw materials $120 Direct labour $200 Manufacturing overhead $230 Administrative expenses $150 Selling expenses $140 Work-in-process inventory, beginning $70 Work-in-process inventory, ending $50 Finished goods inventory, beginning $120 Finished goods inventory, ending $160 1.) What was the cost of goods manufactured (finished) for the...
The following data (in thousands of dollars) have been taken from the accounting records of Larder...
The following data (in thousands of dollars) have been taken from the accounting records of Larder Corporation for the just completed year.               Sales............................................................................ $950 Purchases of raw materials............................................................................ $170 Direct labor............................................................................ $210 Manufacturing overhead............................................................................ $200 Administrative expenses............................................................................ $180 Selling expenses............................................................................ $140 Raw materials inventory, beginning............................................................................ $70 Raw materials inventory, ending............................................................................ $80 Work in process inventory, beginning............................................................................ $30 Work in process inventory, ending............................................................................ $20 Finished goods inventory, beginning............................................................................ $100 Finished goods inventory, ending............................................................................ $70 Prepare journal entries to record the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT