E1-16 An analysis of the accounts of Roberts Company reveals the following manufactur- ing cost data for the month ended June 30, 2014. Inventories Beginning $9,000 5,000 9,000 Ending Raw materials Work in process Finished goods $13,100 7,000 8,000 Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insur- ance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2014. (b) Show the presentation of the ending inventories on the June 30, 2014, balance sheet.

E1-16 An analysis of the accounts of Roberts Company reveals the following manufactur- ing cost data for the month ended June 30, 2014. Inventories Beginning $9,000 5,000 9,000 Ending Raw materials Work in process Finished goods $13,100 7,000 8,000 Costs incurred: raw materials purchases $54,000, direct labor $47,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insur- ance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials. Instructions (a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2014. (b) Show the presentation of the ending inventories on the June 30, 2014, balance sheet.

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Description: E1-16 An analysis of the accounts of Roberts Company reveals the following manufactur-ing cost data for the month ended June 30, 2014.InventoriesBeginningEndingRaw materialsWork in processFinished goods$9,0005,0009,000$13,1007,0008,000Costs incurred

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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