From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019. Account Balances Finished Goods Inventory, December 31 $42,000 Factory Supervisory Salaries 12,000 Income Tax Expense 18,000 Raw Materials Inventory, December 1 12,000 Work In Process Inventory, December 31 15,000 Sales Salaries Expense 14,000 Factory Depreciation Expense 8,000 Finished Goods Inventory, December 1 35,000 Raw Materials Purchases 105,000 Work In Process Inventory, December 1 25,000 Factory Utilities Expense 6,000 Direct Labor 70,000 Raw Materials Inventory, December 31 19,000 Sales Returns and Allowances 5,000 Indirect Labor 21,000

Name: From the account balances listed below, prepare a schedule of cost of
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Description: From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019. Account Balances Finished Goods Inventory, December 31 $42,000 Factory Supervisory Sal

Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including all direct materials, direct labor, and factory overhead; to the beginning work in process inventory and subtracting the ending goods in process inventory.

Answered: From the account balances listed below,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019.

		Account Balances
Finished Goods Inventory, December 31		$42,000
Factory Supervisory Salaries		12,000
Income Tax Expense		18,000
Raw Materials Inventory, December 1		12,000
Work In Process Inventory, December 31		15,000
Sales Salaries Expense		14,000
Factory Depreciation Expense		8,000
Finished Goods Inventory, December 1		35,000
Raw Materials Purchases		105,000
Work In Process Inventory, December 1		25,000
Factory Utilities Expense		6,000
Direct Labor		70,000
Raw Materials Inventory, December 31		19,000
Sales Returns and Allowances		5,000
Indirect Labor		21,000

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