Calulate the cost of goods and manufactured: Blue Sea Company Calculation of Cos

Question

Calulate the cost of goods and manufactured:

Blue Sea Company

Calculation of Cost and Goods Manufactured

For Current Year

Beginning of Year End of Year End of Year   

Raw material inventory...... $27,000 $32,000 Insurance on plant............................................................... $9,000

Work in process inventory...$37,000 $31,000 Depreciation-plant building and equipment........................... $13,100

Finished goods inventory....$14,000 $26,000 Repairs and maintenance-plant........................................... $4,300

Purchases of direct materials... $75,000 Marketing expenses............................................................. $76,000

Direct labor....... $81,000 General and administrative expenses.................................. $30,500

Indirect labor...... $39,000

Explanation / Answer

Blue Sea Company Cost of Goods Manufactured Schedule For the year ended Direct Materials : Beginning raw materials inventory $27,000 Purchases of raw materials $75,000 Total direct materials available $102,000 Less: ending inventory of raw materials -$32,000 Total raw materials used in production $70,000 Direct Labor $81,000 Manufacturing overhead              Indirect labor $39,000              Insurance on plant $9,000              Depreciation plant- building and equipment $13,100              Repairs and maintenance - plant $4,300 Total Manufacturing overhead $65,400 Total manufacturing costs $216,400 Add: beginning work in process $37,000 Total cost of work in process $253,400 Less: ending work in process -$31,000 Cost of goods manufactured $222,400

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.