roblem Schedule of Goods Manufactured; Income Statement; Cost Behavi -оз, LO4, LO5] Carlton Manufacturing Company provided the following details about operations in February: Purchases of raw naterials $178, 000 Maintenance, factory Direct labour 41, 800 35, 700 61, 400 Depreciation, factory equipment Indirect naterials, factory Selling and administrative salaries Utilities, factory Sales commissions Insurance, factory equipment Depreciation, sales equipment 3, 800 47, 300 29, 200 19, 100 4, 800 23, 200
roblem Schedule of Goods Manufactured; Income Statement; Cost Behavi -оз, LO4, LO5] Carlton Manufacturing Company provided the following details about operations in February: Purchases of raw naterials $178, 000 Maintenance, factory Direct labour 41, 800 35, 700 61, 400 Depreciation, factory equipment Indirect naterials, factory Selling and administrative salaries Utilities, factory Sales commissions Insurance, factory equipment Depreciation, sales equipment 3, 800 47, 300 29, 200 19, 100 4, 800 23, 200
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Please illustrate how to calculated rent factory building, thanks
![Problem 2-24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour [LO1, LO2,
LO3, LO4, LO5]
Carlton Manufacturing Company provided the following details about operations in February:
$178, 000
41, 800
35, 700
61, 400
3, 800
47, 300
29, 200
19, 100
4, 800
23, 200
115, 500
Purchases of raw materials
Maintenance, factory
Direct labour
Depreciation, factory equipment
Indirect materials, factory
Selling and administrative salaries
Utilities, factory
Sales commissions
Insurance, factory equipment
Depreciation, sales equipment
Advertising expenses
Rent, factory building
The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows:
Beginning
of Month
$ 41, 000
End of
Month
Raw materials
Work in process
Finished goods
30, 400
23, 000
?
Raw materials used in production cost $192,920, total overhead costs for the year were $219,920, the goods available for sale totalled
$424,000, and the cost of goods sold totalled $365,500.
Required:
1-a. Prepare a schedule of cost of goods manufactured of the company's income statement for the year.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F517c093b-3e51-490c-a74b-f2bff995cd4c%2F89cbb8af-945b-4b8d-9012-d96f0592c89c%2Fwazcsvj_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 2-24 Schedule of Cost of Goods Manufactured; Income Statement; Cost Behaviour [LO1, LO2,
LO3, LO4, LO5]
Carlton Manufacturing Company provided the following details about operations in February:
$178, 000
41, 800
35, 700
61, 400
3, 800
47, 300
29, 200
19, 100
4, 800
23, 200
115, 500
Purchases of raw materials
Maintenance, factory
Direct labour
Depreciation, factory equipment
Indirect materials, factory
Selling and administrative salaries
Utilities, factory
Sales commissions
Insurance, factory equipment
Depreciation, sales equipment
Advertising expenses
Rent, factory building
The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows:
Beginning
of Month
$ 41, 000
End of
Month
Raw materials
Work in process
Finished goods
30, 400
23, 000
?
Raw materials used in production cost $192,920, total overhead costs for the year were $219,920, the goods available for sale totalled
$424,000, and the cost of goods sold totalled $365,500.
Required:
1-a. Prepare a schedule of cost of goods manufactured of the company's income statement for the year.
Transcribed Image Text:CARLTON MANUFACTURING
Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning
$
41,000
Add: Purchases of raw materials
178,000
Raw materials available for use
219,000
Deduct: Raw materials inventory, ending
26,080
Raw materials used in production
$
192,920
Direct labour
Manufacturing overhead:
Depreciation, factory equipment
35,700
61,400
Indirect materials, factory
3,800
Insurance, factory
4,800
Maintenance, factory
41,800
Rent, factory building
78,920
29,200
Utilities, factory
Total overhead costs
Total manufacturing costs
Add: Work in process inventory, beginning
219,920
448,540
30,400
478,940
Deduct: Work in process inventory, ending
Cost of goods manufactured
$
478,940
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education