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Problem 2-6 Detemining Cost of Goods Sold Howard Manufacturing Corporation incurred direct labor costs of $453,600, and its total cost of goods manufactured was $1,480,000 for 1990. Manufacturing overhead costs are a constant percentage of direct labor costs. The beginaing inventories in- cluded raw materials ($90,000), work in process ($99,600), and finished goods ($150,000). The ending inventories include the following costs: Raw Work in Finished Materials Process Goods Raw malerials Direct labor $ 34,020 30,600 39,780 $104,400 $94,000 $49,860 49,800 Manufacturing overhead Total ending inventory $94,000 Required: Prepare a schedule showing the cost of goods sold for 1990.

Problem 2-6 Detemining Cost of Goods Sold Howard Manufacturing Corporation incurred direct labor costs of $453,600, and its total cost of goods manufactured was $1,480,000 for 1990. Manufacturing overhead costs are a constant percentage of direct labor costs. The beginaing inventories in- cluded raw materials ($90,000), work in process ($99,600), and finished goods ($150,000). The ending inventories include the following costs: Raw Work in Finished Materials Process Goods Raw malerials Direct labor $ 34,020 30,600 39,780 $104,400 $94,000 $49,860 49,800 Manufacturing overhead Total ending inventory $94,000 Required: Prepare a schedule showing the cost of goods sold for 1990.

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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Solve Problem 2.6
Finis hed Goods Raw Work in Materials Process $ 60,000 52,800 79,200 $192,000 Raw materials $44,000 44,800 $176,000 Direct labor Manufacturing overhead Total encing inventory $176,000 Required: Prepare a schedule showing the cost of goods sold for 1990. Problem 2-6 Detemining Cost of Goods Sold Howard Manufacturing Corporation incurred direct labor costs of $453,600, and its total cost of goods manufactured was $1,480,000 for 1990. Manufacturing overhead costs are a constant percentage of direct labor costs. The beginuing inventories in- cluded raw materials ($90,000), work in process ($99,600), and finished goods ($150,000). The ending inventories include the following costs: Raw Materials Work in Finished Process Goods Raw malerials $94,000 $ 34,020 30,600 39,780 $104,400 $49,860 49,800 Direct labor Manufacturing overhead Total ending inventory 7. $94,000 Required: Prepare a schedule showing the cost of goods sold for 1990. Problem 2-7 Manufacluring Income Statement
Transcribed Image Text:Finis hed Goods Raw Work in Materials Process $ 60,000 52,800 79,200 $192,000 Raw materials $44,000 44,800 $176,000 Direct labor Manufacturing overhead Total encing inventory $176,000 Required: Prepare a schedule showing the cost of goods sold for 1990. Problem 2-6 Detemining Cost of Goods Sold Howard Manufacturing Corporation incurred direct labor costs of $453,600, and its total cost of goods manufactured was $1,480,000 for 1990. Manufacturing overhead costs are a constant percentage of direct labor costs. The beginuing inventories in- cluded raw materials ($90,000), work in process ($99,600), and finished goods ($150,000). The ending inventories include the following costs: Raw Materials Work in Finished Process Goods Raw malerials $94,000 $ 34,020 30,600 39,780 $104,400 $49,860 49,800 Direct labor Manufacturing overhead Total ending inventory 7. $94,000 Required: Prepare a schedule showing the cost of goods sold for 1990. Problem 2-7 Manufacluring Income Statement
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