GIVEN: Direct materials inventory December 1, 2010 = $10,000 December 31,2010 =
ID: 2443973 • Letter: G
Question
GIVEN:
Direct materials inventory
December 1, 2010 = $10,000
December 31,2010 = $ 8,600
Work-in-process
December 1, 2010 = $13,000
December 31, 2010 = $10,200
Finished goods
December 1, 2010 = $7,900
December 31,2010 = $11,800
Purchases of direct materials
December 31,2010 = $29,000
Direct labor
December 31,2010 = $65,000
Utilities allocated to production
December 31,2010 = $3,000
Indirect materials
December 31,2010 = $25,000
Indirect labor
December 31,2010 = $20,000
Depreciation of equipment used in production
December 31,2010 = $9,000
Rent allocated to production
December 31,2010 = $9,900
Other production overhead
December 31,2010 = $13,100
FIND:
Prepare the Cost of Goods Manufactured Schedule and cost of goods sold for December 31, 2010.
Explanation / Answer
Statement of Cost of Goods Manufactured Direct materials Raw materials inventory,Dec 1 $10,000 Add:Purchase of raw materials 29,000 Raw materials available for use 39,000 Deduct:Raw materials ,Dec 31 8,600 Raw materials used in production $30,400 Direct labor 65,000 Utilities allocated to production 3,000 Depreciation of equipment used in production 9,000 Rent allocated to production 9,900 Other production overhead 13,100 Total manufacturing cost $130,400 Add:Work in progress ,Dec 1 13,000 143,400 Less:Work in progress, Dec 31 10,200 Cost of goods manufactured 133,200 Statement of cost og goods sold Finished goods inventory, Dec 1 $7,900 Add:Cost of goods manufactured 133,200 Goods available for sale 141,100 Deduct: Finished goods, Dec 31 11,800 Cost of goods sold 129,300
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