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

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ISBN:9781259964947

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Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2010. Raw materials, I/1/10- Raw materials, 12/31/10- Raw materials purchases Indirect materials - $15,000 MO Work in process, 1/1/10- Work in process, 12/31/10 - Finished goods, 1/1/10 – Finished goods, 12/31/10- Direct labor - Factory manager's salary - $35,000 MO $30.000 $20,000 Property taxes, factory building $6,000 MO $205,000 Sales (net) $1,500,000 Insurance, factory $14.000 MO Delivery expenses $100,000 $80,000 Sales commissions $150,000 $50,000 Indirect labor $110,000 Factory machinery rent $40,000MO $120,000 Factory utilities $350,000 Depreciation, factory building $24,000 MO $90,000 MO $65,000 MO Administrative expenses $300,000 X Instructions (a) Prepare a cost of goods manufactured schedule for Superior Company for 2010. (b) Prepare an income statement for Superior Company for 2010. (c) Assume that Superior Company's ledgers show the balances of the following current…
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he following information is obtained from the company’s records for 2014:a. Total manufacturing costs, P8,000,000b. Cost of finished goods manufactured, P7,920,000c. Manufacturing overhead applied, P3,600,000d. Manufacturing overhead was applied to production at a rate of 200% of direct laborcostse. The peso amount of work in process inventory on January 1, 2014 was P320,000.What is the peso amount of work in process inventory on December 31, 2014?a. P400,000b. P800,000c. P500,000d. P320,000
Borchardt Corporation has provided the following data concerning last month's operations. Direct materials Direct labor Manufacturing overhead applied to Work in Process Work in process inventory $169,000 O$235,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured? $173,000 O$178.000 Beginning $ 66,000 hs $ 29,000 $ 58,000 $ 82,000 Ending $ 57,000
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