The following data were taken from the cost records of Morrey Company for last year: Depreciation, factory.. $60,000 .*... Indirect labor . $100,000 ..... Utilities, factory... $40,000 .... Insurance, factory... $10,000 Lubricants for machines... $15,000 .... Direct labor.. $200,000 Purchases of raw materials.... $150,000 Inventories at the beginning and at the end of the year were as follows: Beginning Ending Raw materials.. ... $10,000 $20,000 Work in process. ..... $25,000 $5,000 Finished goods.. . $30,000 $50,000 Required: Find is the cost of goods manufactured.

The following data were taken from the cost records of Morrey Company for last year: Depreciation, factory.. $60,000 .*... Indirect labor . $100,000 ..... Utilities, factory... $40,000 .... Insurance, factory... $10,000 Lubricants for machines... $15,000 .... Direct labor.. $200,000 Purchases of raw materials.... $150,000 Inventories at the beginning and at the end of the year were as follows: Beginning Ending Raw materials.. ... $10,000 $20,000 Work in process. ..... $25,000 $5,000 Finished goods.. . $30,000 $50,000 Required: Find is the cost of goods manufactured.

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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Prepare: 1 ) Income statement. 2 ) Cost of goods manufactured.
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Book Hint Larned Corporation recorded the following transactions for the just completed month. a. $79,000 in raw materials were purchased on account. b. $77,000 in raw materials were used in production. Of this amount, $63,000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $111,000 were paid in cash. Of this amount, $100,500 was for direct labor and the remainder was for indirect labor. d. Depreciation of $191,000 was incurred on factory equipment.
1
journalize the transactions, please explain to me how you got the numbers
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