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Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials) METLOCK COMPANY Cost of Goods Manufactured Schedule $

Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials) METLOCK COMPANY Cost of Goods Manufactured Schedule $

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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Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) METLOCK COMPANY Cost of Goods Manufactured Schedule $
Transcribed Image Text:Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) METLOCK COMPANY Cost of Goods Manufactured Schedule $
The following data were taken from the records of Metlock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $53,000 48,400 97,400 23,100 28,000 27,100 143,150 25,760 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $32,700 4,800 18,600 30,500 8,750 563,100 5,000 64,200 9,610 1,700 97,000 41,000
Transcribed Image Text:The following data were taken from the records of Metlock Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $53,000 48,400 97,400 23,100 28,000 27,100 143,150 25,760 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $32,700 4,800 18,600 30,500 8,750 563,100 5,000 64,200 9,610 1,700 97,000 41,000
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