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Accounting
Balances: Beginning Ending Direct Materials $ 59,000 $ 23,000 Work-in-Process Inventory 109,000 62,000 Finished Goods Inventory 41,000 44,000 Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries $ 16,000 151,000 24,000 47,000 Repairs and maintenance-plant 10,000 Indirect labor 39,000 Direct labor 121,000 Administrative expenses 60,000

Balances: Beginning Ending Direct Materials $ 59,000 $ 23,000 Work-in-Process Inventory 109,000 62,000 Finished Goods Inventory 41,000 44,000 Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries $ 16,000 151,000 24,000 47,000 Repairs and maintenance-plant 10,000 Indirect labor 39,000 Direct labor 121,000 Administrative expenses 60,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question

Preparing a schedule of cost of goods manufactured

Wilson Corp, a lamp manufacturer, provided the following information for the year ended December 31, 2018:

Requirements

  1. Use the information to prepare a schedule of cost of goods manufactured.
  2. What is the unit product cost if Wilson manufactured 3,700 lamps for the year?
Balances: Beginning Ending Direct Materials $ 59,000 $ 23,000 Work-in-Process Inventory 109,000 62,000 Finished Goods Inventory 41,000 44,000 Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries $ 16,000 151,000 24,000 47,000 Repairs and maintenance-plant 10,000 Indirect labor 39,000 Direct labor 121,000 Administrative expenses 60,000
Transcribed Image Text:Balances: Beginning Ending Direct Materials $ 59,000 $ 23,000 Work-in-Process Inventory 109,000 62,000 Finished Goods Inventory 41,000 44,000 Other information: Depreciation, plant building and equipment Direct materials purchases Insurance on plant Sales salaries $ 16,000 151,000 24,000 47,000 Repairs and maintenance-plant 10,000 Indirect labor 39,000 Direct labor 121,000 Administrative expenses 60,000
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