Gradebb8k ORION Downloadable eTextbook ssignment CALCULATOR FULL SCREEN PRINTER

Question

Gradebb8k ORION Downloadable eTextbook ssignment CALCULATOR FULL SCREEN PRINTER VERSION -BACK Problem 14-4A 14 Raw Materials Inventory 7/1/16 Raw Materials Inventory 6/30/17 Finished Goods Inventory 7/1/16 Finished Goods Inventory 6/30/17 Work in Process Inventory 7/1/16 Work in Process Inventory 6/30/17 Direct Labor Indirect Labor Accounts Receivable $51,400 44,000 99,000 27,100 27,400 29,700 145,350 26,460 30,900 Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Plant Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $5,700 29,600 9,450 560,000 4,800 63,700 9,610 2,200 97,600 35,400 Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) CLARKSON COMPANY Cost of Goods Manufactured Schedule /shared/assig nment/test/aglist.unitid-asnmt2 1 94 187#N 1007D 29 P 4/21/201

Explanation / Answer

SCHEDULE OF COSTG OF G OODS MANUFACTURED: Beginning Work in process inventory 27400 Add: Currnet cost of Manufacture: Beginning Raw material 51400 Add: Purchases 97600 Total goods available 149000 Less: Ending raw material 44000 Raw material consumed 105000 Direct labour 145350 Facgtory overheads Indirect labour 26460 Factory insurance 5700 factory depreciation 17200 Utilities 29600 Plant manager salary 63700 Property taxes 9610 Repairs 2200 Total Factory overheads 154470 Current cost of manufacturing 404820 Total cost of goods manufactured 432220 Less: Ending Work in process 29700 Cost of goods manufactured 402520 INCOME STATEMENT: Sales Gross 560,000 Less: Discount 4800 Net sales revenue 555200 Less: cost of Goods sold Beginning Finished Goods inventory 99000 Add: Cost of goods manufactured 402520 Total cosot of goods availale for sale 501520 Less: ending inventory of FG 27100 Cost of goods sold 474420 Gross Profit 80780 BALANCE SHEET: Assets: Current Assets: Cash 35400 Accounts receivable 30900 Raw material inventory 44000 Work in process inventory 29700 Finished Goods Inventory 27100 Total current assets 167100

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