**Exercise 10-3: Preparing a Cost of Goods Manufactured Schedule**The accounting records of NuTronics, Inc., include the following information for the year ended December 31:- **Inventory of materials** - Dec. 31: $24,000 - Jan. 1: $20,000 - **Inventory of work in process** - Dec. 31: $8,000 - Jan. 1: $12,000 - **Inventory of finished goods** - Dec. 31: $90,000 - Jan. 1: $80,000 - **Direct materials used:** $210,000 - **Direct labor:** $127,000 - **Selling expenses:** $170,000 - **General and administrative expenses:** $140,000 Overhead assigned to production was $192,000.a. **Prepare a schedule of the cost of finished goods manufactured.** (Not all of the data given above are used in this schedule.)b. **Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product?**Complete this question by entering your answers in the tabs below.**Required A:** *(Prepare the schedule in the provided space.)***Required B:** Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product? *(Round your answer to 2 decimal places.)*- **Average cost:** __________ per unit ## Schedule of the Cost of Finished Goods Manufactured### NuTronics, Inc.**For the Year Ended December 31**#### Manufacturing Costs Assigned to Production:- [Line item for specific manufacturing cost]- [Line item for specific manufacturing cost]- [Line item for specific manufacturing cost]- Total Manufacturing Costs: $0#### Total Cost of All Goods in Process During the Year: - $0#### Cost of Finished Goods Manufactured: - $0### Notes:This schedule provides a detailed breakdown of the manufacturing costs assigned to the production process throughout the year. It is part of the financial documents used to calculate the costs related to manufacturing finished goods at NuTronics, Inc. for a year ending on December 31. The table includes placeholder values which need to be filled with actual figures for accurate financial analysis.

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Description: **Exercise 10-3: Preparing a Cost of Goods Manufactured Schedule**The accounting records of NuTronics, Inc., include the following information for the year ended December 31:- **Inventory of materials** - Dec. 31: $24,000 - Jan. 1: $20,000 -

The cost of finished goods manufactured means the cost incurred in converting the raw materials into finished goods.NuTronics, Inc. Schedule of the Cost of Finished Goods Manufactured For the Year ended December 31 Manufacturing costs assigned to production: Materials consumed: Inventory of materials, beginning $20,000 Add Direct materials used $210,000 Less Inventory materials, ending ($24,000) $206,000 Direct labor $127,000 Overhead assigned to production $192,000 Total manufacturing costs $525,000 Total cost of all goods in process during the year $12,000 Less Inventory of work in process, ending ($8,000) Cost of finished goods manufactured $529,000Average per-unit cost of manufacturing the product = Cost of finished goods manufactured/Number of units completed during the year Cost of finished goods manufactured $529,000 Number of units completed during the year 20,000 Substitute the values in the formula. Average per-unit cost of manufacturing the product $529,000/20,000 = $26.45 Hence, the answer is, Average cost $26.45 per-unit

Answered: schedule of the cost of finished goods…

Business

Accounting

schedule of the cost of finished goods manufactured.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Process Costing

Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure. 

Job Costing

Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.

ABC Costing

Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.

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**Exercise 10-3: Preparing a Cost of Goods Manufactured Schedule**

The accounting records of NuTronics, Inc., include the following information for the year ended December 31:

- **Inventory of materials**
- Dec. 31: $24,000
- Jan. 1: $20,000

- **Inventory of work in process**
- Dec. 31: $8,000
- Jan. 1: $12,000

- **Inventory of finished goods**
- Dec. 31: $90,000
- Jan. 1: $80,000

- **Direct materials used:** $210,000
- **Direct labor:** $127,000
- **Selling expenses:** $170,000
- **General and administrative expenses:** $140,000

Overhead assigned to production was $192,000.

a. **Prepare a schedule of the cost of finished goods manufactured.** (Not all of the data given above are used in this schedule.)

b. **Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product?**

Complete this question by entering your answers in the tabs below.

**Required A:**
*(Prepare the schedule in the provided space.)*

**Required B:**
Assume that the company manufactures a single product and that 20,000 units were completed during the year. What is the average per-unit cost of manufacturing this product? *(Round your answer to 2 decimal places.)*

- **Average cost:** __________ per unit

## Schedule of the Cost of Finished Goods Manufactured

### NuTronics, Inc.
**For the Year Ended December 31**

#### Manufacturing Costs Assigned to Production:
- [Line item for specific manufacturing cost]
- [Line item for specific manufacturing cost]
- [Line item for specific manufacturing cost]
- Total Manufacturing Costs: $0

#### Total Cost of All Goods in Process During the Year:
- $0

#### Cost of Finished Goods Manufactured:
- $0

### Notes:
This schedule provides a detailed breakdown of the manufacturing costs assigned to the production process throughout the year. It is part of the financial documents used to calculate the costs related to manufacturing finished goods at NuTronics, Inc. for a year ending on December 31. The table includes placeholder values which need to be filled with actual figures for accurate financial analysis.

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