Bravo Company manufactures quality gentlemen\'s clothing. The following selected

Question

Bravo Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2016 is provided: Item Sales Cost of Goods Manufactured Direct Material Purchased Factory Overhead Work in Process - January .1 Work in Process December 31 Direct Material - December 31 Finished Goods Inventory - December 31 Net Income Direct Materials used Cost of Goods Sold Amount $100,000 85,000 35,000 10,000 30,000 15,000 10,000 60,000 15,000 30,000 55,000 Use this information to prepared a detailed Schedule of Costs of Goods Manufactured for FY 2016: (Round dollar values & enter as whole dollars only.)

Explanation / Answer

Direct Material Used

Direct material Purchased 35000

- Opening Direct material (10000)

Direct material used = 25000

In the given Direct material is given as 30000 but actual consumption is 25000. So this is being wrong

and if we see the further cost of manufacturing goods

WIP Consumption is (30000-15000)= 15000

Now Total factory cost is (25000+15000) = 40000

Now in the given case Opening Finished goods is not given and closing FG is 60000 & if we deduct Closing FG from Total factory cost then we get cost of manufacturing goods in minus which is not possible so we can't proceed further and the accuracy of question is being checked & We found the mistakes.

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

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