An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Beginning Ending $9,880 $15,510 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials.
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020. Inventory Raw materials Work in process Finished goods Beginning Ending $9,880 $15,510 5,790 9,760 9,050 6,530 Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities $3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2020.
Inventory
Raw materials
Work in process
Finished goods
Ending
$9,880 $15,510
Beginning
5,790
9,760
9,050
6,530
Costs incurred: raw materials purchases $57,720, direct labor $51,130, manufacturing overhead $23,970. The specific overhead costs
were: indirect labor $7,090, factory insurance $4,160, machinery depreciation $4,900, machinery repairs $2,450, factory utilities.
$3,570, and miscellaneous factory costs $1,800. Assume that all raw materials used were direct materials.
ROBERTS COMPANY
Cost of Goods Manufactured Schedule
ROBERTS COMPANY
(Partial) Balance Sheet
Expert Solution
Step 1: Defining cost of goods manufactured
The cost of goods manufactured indicates the total amount incurred to manufacture a product. It includes all the costs involved i.e. direct material consumed, direct labor, manufacturing overhead, etc. This term is used in calculating the total production cost for a company.
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