The accounting records of Cinotti Manufacturing Company include the following in
ID: 2709672 • Letter: T
Question
The accounting records of Cinotti Manufacturing Company include the following information:
HOW DO YOU GET 370,000 IN WORK IN PROCESS,367,600 IN FINISHED GOODS AND 1,500 COST OF GOODS SOLD???
Dec. 31, 2017
Dec. 31, 2016
Work in process inventory
$ 10,700
$ 12,200
Finished goods inventory
35,000
32,600
Materials purchased
116,300
Raw materials inventory
?
18,000
Indirect materials transferred to production
12,100
Direct materials used
115,400
Manufacturing overhead applied
133,100
Manufacturing overhead incurred
134,600
Direct labor incurred
120,000
Selling expenses
67,000
Calculate the following:
1. Raw materials inventory at 12-31-17
Raw Materials
18,000
116,300
12,100
115,400
6,800
2. Total manufacturing costs during 2017
$115,400 + $133,100 + $120,000 = $368,500
3. Cost of goods manufactured during 2017
Work in Process
12,200
115,400
133,100
120,000
370,000
10,700
4. Cost of goods sold for 2017
Finished Goods
Cost of Goods Sold
Mfg Overhead
32,600
367,600
134,600
370,000
133,100
367,600
367,600
1,500
1,500
1,500
35,000
369,100
0
HOW DO YOU GET 370,000 IN WORK IN PROCESS,367,600 IN FINISHED GOODS AND 1,500 COST OF GOODS SOLD
Dec. 31, 2017
Dec. 31, 2016
Work in process inventory
$ 10,700
$ 12,200
Finished goods inventory
35,000
32,600
Materials purchased
116,300
Raw materials inventory
?
18,000
Indirect materials transferred to production
12,100
Direct materials used
115,400
Manufacturing overhead applied
133,100
Manufacturing overhead incurred
134,600
Direct labor incurred
120,000
Selling expenses
67,000
Explanation / Answer
Answer:1
Answer:2
Answer:3
Answer:4
MAnufacturing overhead incurred 134600
Manufacturing overhead applied 133100
Difference=1500
Particulars Amount ($) Raw materials inventory, beginning 18000 Add Materials purchased 116300 Less direct materials used 115400 Less: Indirect materials transferred to production 12100 Raw materials inventory, ending 6800Related Questions
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