Schedule of cost of finished goods manufactured. The accounting records of Villa
ID: 2502624 • Letter: S
Question
Schedule of cost of finished goods manufactured.
The accounting records of Village Cleaning Co. include the following information about the company's manufacturing cost and inventories in 2011:
Manufacturing costs:
Direct materials used............................................................................274000
Direct labor cost charged to production.............................................112000
Manufacturing overhead applied.........................................................464000
Dec 31,2011 Jan1,2011
Inventories
Materials..................................................................................44,000 31,000
Work in process.....................................................................30,000 21,000
Finished Goods......................................................................4120,000 165,000
Complete the following Schedule of Cost of Finished Goods Manufactured for the year ended December 31, 2009.
Village Cleaning Co
Schedule of Finished Goods Manufactured
For the Year Ended December 31,2011
Debit Credit
Work in Process Inventory, Jan 1, 2011 21,000
Explanation / Answer
Hi,
Please find the answer as follows:
Thanks.
Schedule of Cost of Goods Manufactured for the Year Ended December 31 . 2011 Work in Process Inventory, Jan 1 2011 (1)
21000 Manufacturing Costs Assigned to Production:
Direct Material Used 274000
Direct Labor Charged to Production 112000
Manufacturing Overheads Applied 464000
Total Manufacturing Costs (2)
850000 Total Cost of Work in Process during the Year (1+2)
871000 Less Work in Process Inventory Dec 31 2011
-30000 Cost of Goods Manufactured
841000
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