The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: End of yearBeginning of yearInventory accounts Materials$126,000$222,000Work in pRogress109,00075,000Finished goods inventory325,000238,000The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activites are as follows: Debit entriesCredit entriesAccount Materials Inventory$2,410,000$?Direct Labor1,189,000992,000Manufacturing Overhead893,600893,600Work in process inventory??Finished goods inventory??A. Using this data, state or compute for the year the following amounts.Direct materials purchased Direct materials used Payments of direct labor payrolls Direct labor cost assigned to production Total manufacutring costs charged to the work inprocess inventory account during the year Total cost of finished goods manufactured Cost of goods sold Total amount to be classified as inventory in the year end balance sheet B. Prepare a schedule of the cost of finished goods manufactured.

Name: The balances in the perpetual inventory accounts of Anditon Manufactur
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Description: The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows: End of yearBeginning of yearInventory accounts Materials$126,000$222,000Work in pRogress109,00075,000

Under perpetual inventory system of recording inventory, whenever a purchase or sale of inventory is…

Answered: The balances in the perpetual inventory…

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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The balances in the perpetual inventory accounts of Anditon Manufacturing Corporation at the beginning and end of the current year are as follows:

	End of year	Beginning of year
Inventory accounts
Materials	$126,000	$222,000
Work in pRogress	109,000	75,000
Finished goods inventory	325,000	238,000

The total dollar amounts debited and credited during the year to the accounts used in recording manufacturing activites are as follows:

	Debit entries	Credit entries
Account
Materials Inventory	$2,410,000	$?
Direct Labor	1,189,000	992,000
Manufacturing Overhead	893,600	893,600
Work in process inventory	?	?
Finished goods inventory	?	?

A. Using this data, state or compute for the year the following amounts.

Direct materials purchased
Direct materials used
Payments of direct labor payrolls
Direct labor cost assigned to production
Total manufacutring costs charged to the work inprocess inventory account during the year
Total cost of finished goods manufactured
Cost of goods sold
Total amount to be classified as inventory in the year end balance sheet

B. Prepare a schedule of the cost of finished goods manufactured.

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