Data analysis; manufacturing statement Fayetteville Manufacturing Co. produces only one product. You have obtained the following information from the corporation’s books and records for the year ended December 31, 2011: a. Total manufacturing cost during the year was $1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was $970,000. c. Factory overhead charged to work in process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning work in process inventory, January 1, was 40% of the ending work in process inventory, December 31. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Fayetteville Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)
Data analysis; manufacturing statement
Fayetteville Manufacturing Co. produces only one product. You
have obtained the following information from the corporation’s
books and records for the year ended December 31, 2011:
a. Total
including direct materials, direct labor, and factory
b. Cost of goods manufactured during the year was $970,000.
c. Factory overhead charged to work in process was 75% of
direct labor cost and 27% of the total manufacturing cost.
d. The beginning work in process inventory, January 1, was
40% of the ending work in process inventory, December 31.
Required:
Prepare a statement of cost of goods manufactured for the year
ended December 31 for Fayetteville Manufacturing. (Hint: Set up
a statement of cost of goods manufactured, putting the given
information in the appropriate spaces and solving for the
unknown information.)
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