Using the information above, please: 1. Create the 2017 Manufacturing Statement
ID: 2408383 • Letter: U
Question
Using the information above, please:
1. Create the 2017 Manufacturing Statement
2. Calculate the 2017 Cost of Goods Sold
3. Create a partial 2017 General Ledger and include the following T-accounts:
-Raw Materials Inventory
-Work In Process Inventory
-Finished Goods Inventory
-Cost of Goods Sold
4. Calculate the total for each T-account (do not link the total)
Please use Excel links and formulas for amounts whenever possible! Thank you!
Accounts Balance 2017 Schedule of Cost of Goods Manufacture 2 Advertising expense 3 Depreciation expense-Office equipment 4 Depreciation expense-Selling equipment 7,800 10,500 32,600 137,800 7,900 35,000 5 Depreciation expense Factory equipment 6 Factory supervisiorn 7 Factory supplies used 8 Factory utilities 9 10 Raw materials, December 31, 2016 11 Raw materials, December 31, 2017 12 Work in process, December 31, 2016 13 Work in process, December 31, 2017 14 Finished goods, December 31, 2016 15 Finished goods, December 31, 2017 16 Direct labor 17 Income taxes expense 18 Indirect labor 19 Miscellaneous production costs 20 Office salaries expense 21 Raw materials purchases 22 Rent expense-Office space 23 Rent expense-Selling space 24 Rent expense-Factory building 25 Maintenance expense-Factory equipment 26 Salaries expense 27 Sales Inventories Close Full Screen 158,700 187,000 15,500 21,600 166,200 144,700 686,400 251,600 58,700 9,200 75,000 985,000 28,000 28,500 77,700 39,000 392,200 4,465,2000 2017 Cost of Goods SoldExplanation / Answer
Solution 1:
Solution 2:
Solution 3 and 4:
Manufactruing Statement - 2017 Particulars Details Amount Direct Material: Beginning material inventory $158,700.00 Cost of material purchased $985,000.00 Cost of material available $1,143,700.00 Less: Ending material inventory $187,000.00 Total material used $956,700.00 Direct labor $686,400.00 Manufacturing overhead: Depreciation - Factory Equipment $32,600.00 Factory Supervision $137,800.00 Factory supplies used $7,900.00 Factory Utilities $35,000.00 Indirect Labor $58,700.00 Miscellenous production cost $9,200.00 Rent Expense - Factory Building $77,700.00 Maintenance Expense - Factory Equipment $39,000.00 Total manufacturing overhead $397,900.00 Total manufacturing cost for the year $2,041,000.00 Add: Beginning WIP $15,500.00 Total cost of work in process during the year $2,056,500.00 Less: Ending WIP $21,600.00 Cost of goods manufactured $2,034,900.00Related Questions
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