RequiredSupply the missing information on the following schedule of cost of goods manufactured.FISCHER CORPORATIONSchedule of Cost of Goods ManufacturedFor the Year Ended December 31, Year 2Raw materialsBeginning inventoryPlus: PurchasesRaw materials available for useMinus: Ending raw materials inventory118,600$ 148,600Cost of direct raw materials used$ 123,500Direct laborManufacturing overheadTotal manufacturing costsPlus: Beginning work in process inventory| Total work in process23,700309,200 FISCHER CORPORATIONSchedule of Cost of Goods ManufacturedFor the Year Ended December 31, Year 2Raw materialsBeginning inventoryPlus: PurchasesRaw materials available for useMinus: Ending raw materials inventory118,600$ 148,600Cost of direct raw materials used$ 123,500Direct laborManufacturing overheadTotal manufacturing costsPlus: Beginning work in process inventoryTotal work in processMinus: Ending work in process inventory23,700309,20047,100Cost of goods manufactured$ 306,800

To find the blanks we should apply various formulas at different stages: The approach would be that if in the statement something is added and if we want to get the previous thing we shall subtract the same.Beginning Inventory = Raw materials available for use - Purchases = $148,600 - $118,600 = $30,000 Ending raw materials inventory = Raw materials available for use - Cost of direct raw material used = $148,600 - $123,500 = $25,100 Direct Labor = Total manufacturing cost - (Cost of direct raw material used + Manufacturing overheads) = $309,200 - ($123,500 + $23,700) = $309,200 - $147,200 = $162,000 Total work in process = Cost of goods manufactured + Ending work in process inventory = $306,800 + $47,100 = $353,900 Beginning work in process inventory = Total work in process - Total manufacturing cost = $353,900 - $309,200 = $44,700

Business

Accounting

FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, Year 2 Raw materials Beginning inventory Plus: Purchases Raw materials available for use Minus: Ending raw materials inventory Cost of direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory 118,600 $ 148,600 $ 123,500 23,700 309,200 Total work in process Minus: Ending work in process inventory Cost of goods manufactured 47,100 $ 306,800

FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, Year 2 Raw materials Beginning inventory Plus: Purchases Raw materials available for use Minus: Ending raw materials inventory Cost of direct raw materials used Direct labor Manufacturing overhead Total manufacturing costs Plus: Beginning work in process inventory 118,600 $ 148,600 $ 123,500 23,700 309,200 Total work in process Minus: Ending work in process inventory Cost of goods manufactured 47,100 $ 306,800

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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The following information is available for the year ended December 31 Beginning raw materials inventory Raw materials purchases Ending raw materials inventory Direct labor expense The amount of direct materials used in production for the year is Multiple Choice $10,100 $5,300 $5,900 $ 4,300 5,800 $5,800 4,800 2,800
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Cost of materials purchases on account Cost of materials requisitioned (includes $4,600 of indirect) $68,800 $51,800 Direct labor costs incurred $77,400 $97,600 $223,400 $151,800 Manufacturing overhead costs incurred, including indirect materials Cost of goods manufactured Cost of goods sold Beginning raw materials inventory Beginning work in process inventory Beginning finished goods inventory $15,100 $30,600 $33,700 Predetermined manufacturing overhead rate (as % of direct labor cost) 140% What is the balance in work in process inventory at the end of the year? A. $50,800 B. $19,540 C. $24,500 D. $40,160
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QUESTION 2 Deja Brew Company reported the following for the most recently completed fiscal year: Work-in-Process Inventory. Beginning Work-in-Process Inventory, Ending Finished Goods Inventory, Beginning Finished Goods Inventory, Ending Raw Materials Purchased $63,500 $109,600 58,200 Direct Labor 180,800 Manufacturing Overhead Cost of Goods Manufactured 36,600 95,900 34,500 391,200 Calculate cost of goods sold for the year.
Subject : Accounting
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Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $17,000 and an ending balance of $12,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $121,000, while manufacturing overhead amounted to $151,000. The Work in Process Inventory account had a beginning balance of $22,000 and an ending balance of $21,000. Assume that Raw Materials Inventory contains only direct materials. Compute the Cost of Goods Manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.) ~