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P16 • MANUFACTURING ACCOUNTING (MFG) LEARNING OBJECTIVES • Prepare a schedule of cost of goods manufactured and sold. • Calculate changes in labor cost needed to achieve production goals. • Alter the worksheet to include an income statement for a manufacturing firm. Create a chart showing the dollar amount of materials, labor, and overhead. PROBLEM DATA The following information is for Twisp Industries for the year ended December 31, 2011: Depreciation-equipment $ 180,000 Direct labor 2,568,000 Direct materials inventory, 1/1/11 366,000 Direct materials inventory, 12/31/11 372,000 Factory rent 305,640 Finished goods, 1/1/11 528,000 Finished goods, 12/31/11 000'069 Indirect labor 150,000 Indirect materials 105,000 Purchases of direct materials 2,580,720 Work in process, 1/1/11 121,200 Work in process, 12/31/11 114,660 REQUIREMENT 1. You have been asked to prepare a schedule of cost of goods manufactured and sold for the year just ended. Review the worksheet MFG that follows these requirements. 2. Open the file MFG from the website for this book at cengagebrain.com. Enter the formulas and titles where requested on the worksheet. The cells that contain zeros now will change to nonzero values as formulas are entered. Enter your name in cell A1. Save the file as MFG2. Print the worksheet when done. Also print your formulas. Check figure: Cost of goods sold (cell D46), $5,727,900.

P16 • MANUFACTURING ACCOUNTING (MFG) LEARNING OBJECTIVES • Prepare a schedule of cost of goods manufactured and sold. • Calculate changes in labor cost needed to achieve production goals. • Alter the worksheet to include an income statement for a manufacturing firm. Create a chart showing the dollar amount of materials, labor, and overhead. PROBLEM DATA The following information is for Twisp Industries for the year ended December 31, 2011: Depreciation-equipment $ 180,000 Direct labor 2,568,000 Direct materials inventory, 1/1/11 366,000 Direct materials inventory, 12/31/11 372,000 Factory rent 305,640 Finished goods, 1/1/11 528,000 Finished goods, 12/31/11 000'069 Indirect labor 150,000 Indirect materials 105,000 Purchases of direct materials 2,580,720 Work in process, 1/1/11 121,200 Work in process, 12/31/11 114,660 REQUIREMENT 1. You have been asked to prepare a schedule of cost of goods manufactured and sold for the year just ended. Review the worksheet MFG that follows these requirements. 2. Open the file MFG from the website for this book at cengagebrain.com. Enter the formulas and titles where requested on the worksheet. The cells that contain zeros now will change to nonzero values as formulas are entered. Enter your name in cell A1. Save the file as MFG2. Print the worksheet when done. Also print your formulas. Check figure: Cost of goods sold (cell D46), $5,727,900.

FINANCIAL ACCOUNTING
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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Please show formulas and explain. 

A B D MFG 3 Manufacturing Accounting 4 5 Data Section 6 7 Depreciation--equipment 8 Direct labor 9 Direct materials inventory, 1/1 10 Direct materials inventory, 12/31 11 Factory rent 12 Finished goods, 1/1 13 Finished goods, 12/31 $180,000 2,568,000 366,000 372,000 305,640 528,000 690,000 150,000 105,000 2,580,720 121,200 14 Indirect labor 15 Indirect materials 16 Purchases of direct materials 17 Work in process, 1/1 18 Work in process, 12/31 114,660 19 20 Answer Section 21 22 Twisp Industries 23 Schedule of Cost of Goods Manufactured and Sold 24 For the Year Ended December 31, 2011 25 26 Direct materials 27 Direct materials inventory, 1/1 Add: Purchases of direct materials $366,000 28 FORMULA1 29 Cost of direct materials available 30 Less: Direct materials inventory, 12/31 FORMULA2 31 Cost of direct materials used FORMULA3 32 Direct labor 2,568,000 33 Manufacturing overhead: Factory rent 35 Depreciation--equipment 36 Indirect labor 37 Indirect materials 34 $305,640 FORMULA4 FORMULA5 FORMULA6 38 Total manufacturing costs Work in process, 1/1 Total work in process available Less: Work in process, 12/31 FORMULA7 39 121,200 SO 40 41 FORMULA8 42 Cost of goods manufactured 43 Finished goods, 1/1 FORMULA9 FORMULA10 44 Cost of goods available for sale Less: Finished goods, 12/31 FORMULA11 45 690,000 46 Cost of good sold FORMULA12 47
Transcribed Image Text:A B D MFG 3 Manufacturing Accounting 4 5 Data Section 6 7 Depreciation--equipment 8 Direct labor 9 Direct materials inventory, 1/1 10 Direct materials inventory, 12/31 11 Factory rent 12 Finished goods, 1/1 13 Finished goods, 12/31 $180,000 2,568,000 366,000 372,000 305,640 528,000 690,000 150,000 105,000 2,580,720 121,200 14 Indirect labor 15 Indirect materials 16 Purchases of direct materials 17 Work in process, 1/1 18 Work in process, 12/31 114,660 19 20 Answer Section 21 22 Twisp Industries 23 Schedule of Cost of Goods Manufactured and Sold 24 For the Year Ended December 31, 2011 25 26 Direct materials 27 Direct materials inventory, 1/1 Add: Purchases of direct materials $366,000 28 FORMULA1 29 Cost of direct materials available 30 Less: Direct materials inventory, 12/31 FORMULA2 31 Cost of direct materials used FORMULA3 32 Direct labor 2,568,000 33 Manufacturing overhead: Factory rent 35 Depreciation--equipment 36 Indirect labor 37 Indirect materials 34 $305,640 FORMULA4 FORMULA5 FORMULA6 38 Total manufacturing costs Work in process, 1/1 Total work in process available Less: Work in process, 12/31 FORMULA7 39 121,200 SO 40 41 FORMULA8 42 Cost of goods manufactured 43 Finished goods, 1/1 FORMULA9 FORMULA10 44 Cost of goods available for sale Less: Finished goods, 12/31 FORMULA11 45 690,000 46 Cost of good sold FORMULA12 47
P16 • MANUFACTURING ACCOUNTING (MFG) LEARNING OBJECTIVES Prepare a schedule of cost of goods manufactured and sold. Calculate changes in labor cost needed to achieve production goals. Alter the worksheet to include an income statement for a manufacturing firm. Create a chart showing the dollar amount of materials, labor, and overhead. PROBLEM DATA The following information is for Twisp Industries for the year ended December 31, 2011: Depreciation-equipment $ 180,000 Direct labor 2,568,000 Direct materials inventory, 1/1/11 366,000 Direct materials inventory, 12/31/11 372,000 Factory rent 305,640 Finished goods, 1/1/11 528,000 Finished goods, 1231/11 690,000 Indirect labor 150,000 Indirect materials 105,000 Purchases of direct materials 2,580,720 Work in process, 1/1/11 121,200 Work in process, 12/31/11 114,660 REQUIREMENT 1. You have been asked to prepare a schedule of cost of goods manufactured and sold for the year just ended. Review the worksheet MFG that follows these requirements. 2. Open the file MFG from the website for this book at cengagebrain.com. Enter the formulas and titles where requested on the worksheet. The cells that contain zeros now will change to nonzero values as formulas are entered. Enter your name in cell A1. Save the file as MĒG2. Print the worksheet when done. Also print your formulas. Check figure: Cost of goods sold (cell D46), $5,727,900.
Transcribed Image Text:P16 • MANUFACTURING ACCOUNTING (MFG) LEARNING OBJECTIVES Prepare a schedule of cost of goods manufactured and sold. Calculate changes in labor cost needed to achieve production goals. Alter the worksheet to include an income statement for a manufacturing firm. Create a chart showing the dollar amount of materials, labor, and overhead. PROBLEM DATA The following information is for Twisp Industries for the year ended December 31, 2011: Depreciation-equipment $ 180,000 Direct labor 2,568,000 Direct materials inventory, 1/1/11 366,000 Direct materials inventory, 12/31/11 372,000 Factory rent 305,640 Finished goods, 1/1/11 528,000 Finished goods, 1231/11 690,000 Indirect labor 150,000 Indirect materials 105,000 Purchases of direct materials 2,580,720 Work in process, 1/1/11 121,200 Work in process, 12/31/11 114,660 REQUIREMENT 1. You have been asked to prepare a schedule of cost of goods manufactured and sold for the year just ended. Review the worksheet MFG that follows these requirements. 2. Open the file MFG from the website for this book at cengagebrain.com. Enter the formulas and titles where requested on the worksheet. The cells that contain zeros now will change to nonzero values as formulas are entered. Enter your name in cell A1. Save the file as MĒG2. Print the worksheet when done. Also print your formulas. Check figure: Cost of goods sold (cell D46), $5,727,900.
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