An incomplete cost of goods manufactured schedule is presented
below for Cepeda Manufacturing Company for the year ended December
2020:
Complete the cost of goods manufactured schedule for Cepeda
Manufacturing Company.
| CEPEDA MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For the Year Ended December 31, 2020 |
|||||||
| Work in process (1/1) | $210,000 | ||||||
| Direct materials | |||||||
| Raw materials inventory, (1/1) | $ | ||||||
| Raw materials purchases | 167,000 | ||||||
| Total raw materials available for use | |||||||
| Less: Raw materials inventory (12/31) | 18,000 | ||||||
| Direct materials used | $189,000 | ||||||
| Direct labour | |||||||
| Manufacturing overhead | |||||||
| Indirect labour | 15,000 | ||||||
| Factory depreciation | 36,800 | ||||||
| Factory utilities | 68,000 | ||||||
| Total manufacturing overhead | 119,800 | ||||||
| Total manufacturing costs | |||||||
| Total cost of work in process | |||||||
| Less: Work in process (12/31) | 80,400 | ||||||
| Cost of goods manufactured | $550,100 | ||||||
In: Accounting
Wardell Company purchased a minicomputer on January 1, 2016, at a cost of $43,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $10,000. On January 1, 2018, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $1,600.
Required:
1. Prepare the year-end journal entry for depreciation in 2018. No depreciation was recorded during the year.
2. Prepare the year-end journal entry for depreciation in 2018. Assume that the company uses the sum-of-the-years' -digits method instead of the straight-line method.
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What is the amount of Sleepy’s personal casualty loss on the car for the year?
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What is the character of those gains and losses?
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