At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.
At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 13DQ: In assigning costs to goods transferred out, how do the weighted average and FIFO methods differ?
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At May 31, 2020, the account of Vaugh Company show the following.
1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900.
2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600.
3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing
4. Sales revenue totaled $216,200
Prepare a condensed cost of goods manufactured schedule.
Transcribed Image Text:VAUGHN COMPANY
Cost of Goods Manufactured Schedule
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