Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials Freight-in on materials Factory supplies used Factory utilities Commissions paid Factory supervision and indirect labor Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 1. Prepare a cost of goods manufactured statement, Anglin Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Materials available Direct materials used in production Manufacturing overhead: Total overhead costs Total manufacturing costs added $493,470 375,470 7,390 18,530 53,340 78,077 166,820 144,760 17,960 203,780 116,660 36,360 37,730 57,130 61,840

Cost of Goods Manufactured and Sold Anglin Company, a manufacturing firm, has supplied the following information from its accounting records for the last calendar year: Direct labor cost Purchases of direct materials Freight-in on materials Factory supplies used Factory utilities Commissions paid Factory supervision and indirect labor Advertising Materials handling Work-in-process inventory, January 1 Work-in-process inventory, December 31 Direct materials inventory, January 1 Direct materials inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 1. Prepare a cost of goods manufactured statement, Anglin Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Materials available Direct materials used in production Manufacturing overhead: Total overhead costs Total manufacturing costs added $493,470 375,470 7,390 18,530 53,340 78,077 166,820 144,760 17,960 203,780 116,660 36,360 37,730 57,130 61,840

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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