Exercise 1-15 (Algo) Schedule of cost of goods manufactured and cost of goods sold LO P2 Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Beginning Purchases Available for use Ending Debit Debit Beginning Cost of goods manufactured Available for sale Ending Required 1 Direct materials: Required 2 Finished Goods Inventory Direct materials used 12,600 50,000 62,600 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Raw materials available for use Factory overhead: Total manufacturing costs 11,600 Total cost of work in process 20,800 149,100 169,900 Cost of goods manufactured 18,600 Complete this question by entering your answers in the tabs below. Prepare the schedule of cost of goods manufactured for the year. Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 Cost of goods sold Direct materials used Cost of goods sold Credit Credit Goods available for sale Compute cost of goods sold for the year. Required 1 BECK MANUFACTURING Partial Income Statement For Year Ended December 31 51,000 151,300 Beginning Direct materials used Direct labor Overhead Ending Required 2 > Debit Work in Process Inventory 17,200 51,000 32,100 61,500 161,800 12,700 Credit Cost of goods manufactured 149,100
Exercise 1-15 (Algo) Schedule of cost of goods manufactured and cost of goods sold LO P2 Beck Manufacturing reports the following information in T-accounts for the current year. Raw Materials Inventory Beginning Purchases Available for use Ending Debit Debit Beginning Cost of goods manufactured Available for sale Ending Required 1 Direct materials: Required 2 Finished Goods Inventory Direct materials used 12,600 50,000 62,600 1. Prepare the schedule of cost of goods manufactured for the year. 2. Compute cost of goods sold for the year. Raw materials available for use Factory overhead: Total manufacturing costs 11,600 Total cost of work in process 20,800 149,100 169,900 Cost of goods manufactured 18,600 Complete this question by entering your answers in the tabs below. Prepare the schedule of cost of goods manufactured for the year. Beck Manufacturing Schedule of Cost of Goods Manufactured For Year Ended December 31 Cost of goods sold Direct materials used Cost of goods sold Credit Credit Goods available for sale Compute cost of goods sold for the year. Required 1 BECK MANUFACTURING Partial Income Statement For Year Ended December 31 51,000 151,300 Beginning Direct materials used Direct labor Overhead Ending Required 2 > Debit Work in Process Inventory 17,200 51,000 32,100 61,500 161,800 12,700 Credit Cost of goods manufactured 149,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Exercise 1-15 (Algo) Schedule of cost of goods manufactured and cost of goods sold LO P2
Beck Manufacturing reports the following information in T-accounts for the current year.
Raw Materials Inventory
Beginning
Purchases
Available for use
Ending
Ending
Debit
Beginning
Cost of goods manufactured
Available for sale
Debit
Required 1
Direct materials:
Required 2
Finished Goods Inventory
20.800
149,100
169,900
Direct materials used
1. Prepare the schedule of cost of goods manufactured for the year.
2. Compute cost of goods sold for the year.
12,600
50,000
62,600
Factory overhead:
Total manufacturing costs.
11,600
Raw materials available for use.
Total cost of work in process
Cost of goods manufactured
18,600
Prepare the schedule of cost of goods manufactured for the year.
Beck Manufacturing
Schedule of Cost of Goods Manufactured
For Year Ended December 31
Cost of goods sold
Complete this question by entering your answers in the tabs below.
Direct materials used
Cost of goods sold
Cost of goods sold
Credit
Credit
Goods available for sale
Compute cost of goods sold for the year.
< Required 1
BECK MANUFACTURING
Partial Income Statement
For Year Ended December 31
51,000
151,300
Beginning
Direct materials used
Direct labor
Overhead
Ending
Required 2 >
Debit
Work in Process Inventory
17,200
51,000
32,100
61,500
161,800
12,700
Credit
Cost of goods manufactured
149,100
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