Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Less V: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Costs Utility Costs for the Factory Depreciation of Factory and Equipment Factory Supervisor Salaries Insurance on the Factory Total Manufacturing Costs Add Less V: Add V: Beginning WIP Inventory Cost of Goods Manufactured Less V: Ending WIP Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold Schedule of COGM & COGS $ 40,300 212700 253,000 21,100 i 9500 26,500 66,800 15700 $ $ 231900 224,700 118.500 575,100 27600 17700 i 585000 22600 8500 599100

Beginning Raw Materials Inventory Purchases of Raw Materials Raw Materials Available for Use Less V: Ending Raw Materials Inventory Direct Materials Used Direct Labor Manufacturing Overhead Costs Utility Costs for the Factory Depreciation of Factory and Equipment Factory Supervisor Salaries Insurance on the Factory Total Manufacturing Costs Add Less V: Add V: Beginning WIP Inventory Cost of Goods Manufactured Less V: Ending WIP Inventory Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Sold Schedule of COGM & COGS $ 40,300 212700 253,000 21,100 i 9500 26,500 66,800 15700 $ $ 231900 224,700 118.500 575,100 27600 17700 i 585000 22600 8500 599100

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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The Work in Process Inventory account for DG Manufacturing folows. Compute the cost of jobs completed and transferred to Finshed Goods inventory Mrk in Precess Investery 4,900 47, se0 30,000 16, 200 Beginning WIP Direct naterials Direct labor Applied overhead To finished coods Ending WIP 9,700 The cost of jobs transterred to finished goods Multiple Choice S88,900 $96800
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Raw materials Beginning inventory $344 Purchases 1,533 Materials available for use Ending inventory 322 Materials used in production $ Work in process inventory Beginning inventory $934 Materials used in production Direct labor 1,536 Overhead applied Manufacturing costs incurred $22,457 Ending inventory 936 Cost of goods manufactured $ Finished goods inventory Beginning inventory Cost of goods manufactured Goods available for sale $25,016 Ending inventory Cost of goods sold $21,801
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