Homework Help is Here – Start Your Trial Now!
Business
Accounting
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Raw materials Work in process Finished goods Beginning $9,000 5,000 9,000 Ending $13,100 7,000 8,000 Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insurance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, and miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions a. Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. b. Show the presentation of the ending inventories on the June 30, 2022, balance sheet. Determine the amount of cost to appear in various accounts and indicate in which financial statements these accounts would appear. Please show calculation

An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Raw materials Work in process Finished goods Beginning $9,000 5,000 9,000 Ending $13,100 7,000 8,000 Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insurance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, and miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions a. Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. b. Show the presentation of the ending inventories on the June 30, 2022, balance sheet. Determine the amount of cost to appear in various accounts and indicate in which financial statements these accounts would appear. Please show calculation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Topic Video
Question
Don't give answer in image
An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Raw materials Work in process. Finished goods Beginning $9,000 5,000 9,000 Ending $13,100 7,000 8,000 Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insurance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, and miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions a. Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. b. Show the presentation of the ending inventories on the June 30, 2022, balance sheet. Determine the amount of cost to appear in various accounts and indicate in which financial statements these accounts would appear. Please show calculation
Transcribed Image Text:An analysis of the accounts of Roberts Company reveals the following manufacturing cost data for the month ended June 30, 2022. Inventory Raw materials Work in process. Finished goods Beginning $9,000 5,000 9,000 Ending $13,100 7,000 8,000 Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insurance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, and miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions a. Prepare the cost of goods manufactured schedule for the month ended June 30, 2022. b. Show the presentation of the ending inventories on the June 30, 2022, balance sheet. Determine the amount of cost to appear in various accounts and indicate in which financial statements these accounts would appear. Please show calculation
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Performance measurements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS