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The Falcon Company does not maintain backup documents for its computer files. In June, some of the current data were lost, and you have been asked to help reconstruct the data. The following beginning balances on June 1 are known: Direct Materials Inventory Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead Control Accounts Payable Reviewing old documents and interviewing selected employees have generated the following additional information: The production superintendent's job cost sheets indicated that materials of $3,900 were included in the June 30 Work-in-Process Inventory. Also, 430 direct labor-hours had been paid at $9.00 per hour for the jobs in process on June 30. $ 13,300 5,800 14,300 29,500 7,300 The Accounts Payable account is only for direct material purchases. The clerk remembers clearly that the balance in the Accounts Payable on June 30 was $9,300. An analysis of canceled checks indicated payments of $53,000 were made to suppliers during June. What is the Cost of Goods Manufactured for June? Payroll records indicate that 6,500 direct labor-hours were recorded for June. It was verified that there were no variations in pay rates among employees during June. Records at the warehouse indicate that the Finished Goods Inventory totaled $18,600 on June 30. Another record kept manually indicates that the Cost of Goods Sold in June totaled $97,000. The predetermined overhead rate was based on an estimated 73,000 direct labor-hours for the year and an estimated $146,000 in manufacturing overhead costs.

The Falcon Company does not maintain backup documents for its computer files. In June, some of the current data were lost, and you have been asked to help reconstruct the data. The following beginning balances on June 1 are known: Direct Materials Inventory Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead Control Accounts Payable Reviewing old documents and interviewing selected employees have generated the following additional information: The production superintendent's job cost sheets indicated that materials of $3,900 were included in the June 30 Work-in-Process Inventory. Also, 430 direct labor-hours had been paid at $9.00 per hour for the jobs in process on June 30. $ 13,300 5,800 14,300 29,500 7,300 The Accounts Payable account is only for direct material purchases. The clerk remembers clearly that the balance in the Accounts Payable on June 30 was $9,300. An analysis of canceled checks indicated payments of $53,000 were made to suppliers during June. What is the Cost of Goods Manufactured for June? Payroll records indicate that 6,500 direct labor-hours were recorded for June. It was verified that there were no variations in pay rates among employees during June. Records at the warehouse indicate that the Finished Goods Inventory totaled $18,600 on June 30. Another record kept manually indicates that the Cost of Goods Sold in June totaled $97,000. The predetermined overhead rate was based on an estimated 73,000 direct labor-hours for the year and an estimated $146,000 in manufacturing overhead costs.

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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The Falcon Company does not maintain backup documents for its computer files. In June, some of the current data were lost, and you have been asked to help reconstruct the data. The following beginning balances on June 1 are known: Direct Materials Inventory Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead Control Accounts Payable $ 13,300 5,800 14,300 29,500 7,300 Reviewing old documents and interviewing selected employees have generated the following additional information: The production superintendent's job cost sheets indicated that materials of $3,900 were included in the June 30 Work-in-Process Inventory. Also, 430 direct labor-hours had been paid at $9.00 per hour for the jobs in process on June 30. The Accounts Payable account is only for direct material purchases. The clerk remembers clearly that the balance in the Accounts Payable on June 30 was $9,300. An analysis of canceled checks indicated payments of $53,000 were made to suppliers during June. Payroll records indicate that 6,500 direct labor-hours were recorded for June. It was verified that there were no variations in pay rates among employees during June. Records at the warehouse indicate that the Finished Goods Inventory totaled $18,600 on June 30. Another record kept manually indicates that the Cost of Goods Sold in June totaled $97,000. The predetermined overhead rate was based on an estimated 73,000 direct labor-hours for the year and an estimated $146,000 in manufacturing overhead costs. What is the Cost of Goods Manufactured for June?
Transcribed Image Text:The Falcon Company does not maintain backup documents for its computer files. In June, some of the current data were lost, and you have been asked to help reconstruct the data. The following beginning balances on June 1 are known: Direct Materials Inventory Work-in-Process Inventory Finished Goods Inventory Manufacturing Overhead Control Accounts Payable $ 13,300 5,800 14,300 29,500 7,300 Reviewing old documents and interviewing selected employees have generated the following additional information: The production superintendent's job cost sheets indicated that materials of $3,900 were included in the June 30 Work-in-Process Inventory. Also, 430 direct labor-hours had been paid at $9.00 per hour for the jobs in process on June 30. The Accounts Payable account is only for direct material purchases. The clerk remembers clearly that the balance in the Accounts Payable on June 30 was $9,300. An analysis of canceled checks indicated payments of $53,000 were made to suppliers during June. Payroll records indicate that 6,500 direct labor-hours were recorded for June. It was verified that there were no variations in pay rates among employees during June. Records at the warehouse indicate that the Finished Goods Inventory totaled $18,600 on June 30. Another record kept manually indicates that the Cost of Goods Sold in June totaled $97,000. The predetermined overhead rate was based on an estimated 73,000 direct labor-hours for the year and an estimated $146,000 in manufacturing overhead costs. What is the Cost of Goods Manufactured for June?
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