beginning and end of 2020 follows: for the firm's inventory accounts a Account Direct materials Work in process Finished goods Beg. Balance $121,500 458,900 845,300 End. Balance $139,700 998,400 239,500 Other information from 2020 for the firm includes: Sales salaries Purchases of direct materials $156,300 192,400 84,300 243,500 44,700 91,500 1,548,200 Rent Direct labour Depreciation on corporate jet Depreciation on factory machines Sales Insurance on corporate jet Indirect labour 34,800 54,300 Fire insurance on factory building Insurance on finished goods warehouse 12,500 18,400

beginning and end of 2020 follows: for the firm's inventory accounts a Account Direct materials Work in process Finished goods Beg. Balance $121,500 458,900 845,300 End. Balance $139,700 998,400 239,500 Other information from 2020 for the firm includes: Sales salaries Purchases of direct materials $156,300 192,400 84,300 243,500 44,700 91,500 1,548,200 Rent Direct labour Depreciation on corporate jet Depreciation on factory machines Sales Insurance on corporate jet Indirect labour 34,800 54,300 Fire insurance on factory building Insurance on finished goods warehouse 12,500 18,400

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

Compute the cost of goods manufactured, using a formal schedule of cost of goods manufactured.

formation for the firm's inventory accounts at the
beginning and end of 2020 follows:
Account
Direct materials
Work in process
Finished goods
Beg. Balance
$121,500
458,900
845,300
End. Balance
$139,700
998,400
239,500
Other information from 2020 for the firm Includes:
Sales salaries
Purchases of direct materials
Rent
Direct labour
Depreciation on corporate jet
Depreciation on factory machines
Sales
$156,300
192,400
84,300
243,500
44,700
91,500
1,548,200
34,800
54,300
12,500
18,400
Insurance on corporate jet
Indirect labour
Fire insurance on factory building
Insurance on linished goods warehouse

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