The following are partially completed T-accounts for Blossom. The accountant needs help filling in the remaining details of the accounts before closing month-end and starting next month's transactions. Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance 1. 2. 3. 4. (a) DM Inventory 500 COGS $ 1.200 COGM $ WIP Inventory 2,100 The only additional information available for this month includes payroll records and a few other items, as follows. 4.500 FG Inventory 8,800 12,600 COGS 204,000 Blossom paid $94,000 in total payroll costs this month, split evenly between hourly manufacturing worker wages and manufacturing supervisor salaries. It paid $3,800 in total utility costs: 75% was for manufacturing facilities, and 25% was for executive and administrative space. Buildings and equipment used in manufacturing are depreciated at a steady rate of $18,000 per month; buildings and office equipment in executive and administrative spaces are depreciated at a steady rate of $13,000 per month. Other indirect material and indirect labor costs amounted to $2,700. Determine the COGS and COGM this month.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Question
The following are partially completed T-accounts for Blossom. The accountant needs help filling in the remaining details of the
accounts before closing month-end and starting next month's transactions.
Beginning balance
Ending balance
Beginning balance
Ending balance
Beginning balance
Ending balance
1.
2.
3.
4.
(a)
DM Inventory
500
COGS $
1.200
COGM $
WIP Inventory
2,100
The only additional information available for this month includes payroll records and a few other items, as follows.
4,500
FG Inventory
8,800
12,600
COGS
204,000
Blossom paid $94,000 in total payroll costs this month, split evenly between hourly manufacturing worker wages and
manufacturing supervisor salaries.
It paid $3,800 in total utility costs: 75% was for manufacturing facilities, and 25% was for executive and administrative space.
Buildings and equipment used in manufacturing are depreciated at a steady rate of $18,000 per month; buildings and office
equipment in executive and administrative spaces are depreciated at a steady rate of $13,000 per month.
Other indirect material and indirect labor costs amounted to $2,700.
Determine the COGS and COGM this month.
Transcribed Image Text:The following are partially completed T-accounts for Blossom. The accountant needs help filling in the remaining details of the accounts before closing month-end and starting next month's transactions. Beginning balance Ending balance Beginning balance Ending balance Beginning balance Ending balance 1. 2. 3. 4. (a) DM Inventory 500 COGS $ 1.200 COGM $ WIP Inventory 2,100 The only additional information available for this month includes payroll records and a few other items, as follows. 4,500 FG Inventory 8,800 12,600 COGS 204,000 Blossom paid $94,000 in total payroll costs this month, split evenly between hourly manufacturing worker wages and manufacturing supervisor salaries. It paid $3,800 in total utility costs: 75% was for manufacturing facilities, and 25% was for executive and administrative space. Buildings and equipment used in manufacturing are depreciated at a steady rate of $18,000 per month; buildings and office equipment in executive and administrative spaces are depreciated at a steady rate of $13,000 per month. Other indirect material and indirect labor costs amounted to $2,700. Determine the COGS and COGM this month.
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Completing the Accounting Cycle
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education