Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2020.
| Raw Materials Inventory 7/1/19 | $48,000 | Factory Insurance | $4,600 | |||
| Raw Materials Inventory 6/30/20 | 39,600 | Factory Machinery |
16,000 | |||
| Finished Goods Inventory 7/1/19 | 96,000 | Factory Utilities | 27,600 | |||
| Finished Goods Inventory 6/30/20 | 75,900 | Office Utilities Expense | 8,650 | |||
| Work in Process Inventory 7/1/19 | 19,800 | Sales Revenue | 534,000 | |||
| Work in Process Inventory 6/30/20 | 18,600 | Sales Discounts | 4,200 | |||
| Direct Labor | 139,250 | Plant Manager’s Salary | 58,000 | |||
| Indirect Labor | 24,460 | Factory Property Taxes | 9,600 | |||
| 27,000 | Factory Repairs | 1,400 | ||||
| Raw Materials Purchases | 96,400 | |||||
| Cash | 32,000 |
(a)
Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)
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CLARKSON COMPANY
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Transcribed Image Text:O Chapter 14 Homework
O NWP Assessment Player UI Appli x
b Answered: Classification of Costs X
A education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e9dbfc7e-751f-4165-84b9-54236ca5f8d9#/question/12
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+ Chapter 14 Homework
Question 13 of 15
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Manufacturing cost data for Copa Company are presented below.
Indicate the missing amount for each letter (a) through (i).
Case A
Case B
Case C
Direct materials used
$
(a)
$68,400
$130,000
Direct labor
57,000
86,000
(g)
Manufacturing overhead
46,500
81,600
102,000
Total manufacturing
195.650
(d)
253,700
costs
Work in process 1/1/20
(b)
16,500
(h)
Total cost of work in
221.500
(e)
337,000
process
Work in process
12/31/20
(c)
11,000
70,000
Cost of goods
185,275
(f)
(i)
manufactured
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Transcribed Image Text:O Chapter 14 Homework
O NWP Assessment Player UI Appli x
b Answered: Classification of Costs X
+
A education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=e9dbfc7e-751f-4165-84b9-54236ca5f8d9#/question/11
Paused
+ Chapter 14 Homework
Question 12 of 15
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Cost of Goods Manufactured Schedule
Work in process (1/1)
For the Year Ended December 31, 2020
$210,000
December 31, 2020
Direct materials
For the Month Ended December 31, 2020
Raw materials inventory (1/1)
$
Add: Raw materials purchases
158,000
Total raw materials available for use
Less: Raw materials inventory (12/31)
22,500
Direct materials used
$180.000
Direct labor
Manufacturing overhead
Indirect labor
18,000
Factory depreciation
36,000
Factory utilities
68,000
Total overhead
122,000
Total manufacturing costs
Total cost of work in process
Less: Work in process (12/31)
81,000
Cost of goods manufactured
$540,000
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