Manufacturing costs for Davenport Company during 2018 were as follows: Direct Labor for 2018 Beginning Finished Goods, 1/1/18 $ 25,700 Beginning Raw Materials, 1/1/18 37,100 Beginning Work in Process, 1/1/18 111,900 $ 276,900 24,000 41,050 122,200 305,800 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $23,000 of indirect material) Note: The pre-determined overhead rate is 0.91 (91%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,410,000 and operating expenses were $290,000 for 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a Cost of Goods Manufactured report. DAVENPORT COMPANY Cost of Goods Manufactured Report For the Year 2018 Direct Materials Used in Production Total Current Manufacturing Costs Cost of Goods Manufactured < Required 1 Required 2 >
Manufacturing costs for Davenport Company during 2018 were as follows: Direct Labor for 2018 Beginning Finished Goods, 1/1/18 $ 25,700 Beginning Raw Materials, 1/1/18 37,100 Beginning Work in Process, 1/1/18 111,900 $ 276,900 24,000 41,050 122,200 305,800 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $23,000 of indirect material) Note: The pre-determined overhead rate is 0.91 (91%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,410,000 and operating expenses were $290,000 for 2018. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a Cost of Goods Manufactured report. DAVENPORT COMPANY Cost of Goods Manufactured Report For the Year 2018 Direct Materials Used in Production Total Current Manufacturing Costs Cost of Goods Manufactured < Required 1 Required 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:Manufacturing costs for Davenport Company during 2018 were as follows:
Direct Labor for 2018
Beginning Finished Goods, 1/1/18
$
25,700
Beginning Raw Materials, 1/1/18
37,100
Beginning Work in Process, 1/1/18
111,900
$
276,900
24,000
41,050
122,200
305,800
Ending Finished Goods, 12/31/18
Ending Raw Materials, 12/31/18
Ending Work in Process, 12/31/18
Material Purchases for 2018
(including $23,000 of indirect material)
Note: The pre-determined overhead rate is 0.91 (91%) of direct labor cost.
Required:
1. Prepare a Cost of Goods Manufactured report.
2. Prepare a Partial Income Statement if sales revenue was $1,410,000 and operating expenses were $290,000
for 2018.
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Prepare a Cost of Goods Manufactured report.
DAVENPORT COMPANY
Cost of Goods Manufactured Report
For the Year 2018
Direct Materials Used in Production
Total Current Manufacturing Costs
Cost of Goods Manufactured
<
Required 1
Required 2
>
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