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Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials $ 94,000 14,000 21,000 44,400 5,000 64,000 30,000 71,600 490,000 27,000 1,000 81,600 21,600 65,000 7,000 30,000 10,000 40,000 Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials:

Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials $ 94,000 14,000 21,000 44,400 5,000 64,000 30,000 71,600 490,000 27,000 1,000 81,600 21,600 65,000 7,000 30,000 10,000 40,000 Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending Required: 1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials:

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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Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 94,000 14,000 21,000 44,400 5,000 64,000 30,000 71,600 490,000 27,000 1,000 81,600 21,600 65,000 7,000 30,000 10,000 40,000 Required: 1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: 24 Manufacturing overhead: Total overhead costs
Transcribed Image Text:Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 94,000 14,000 21,000 44,400 5,000 64,000 30,000 71,600 490,000 27,000 1,000 81,600 21,600 65,000 7,000 30,000 10,000 40,000 Required: 1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: 24 Manufacturing overhead: Total overhead costs
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