The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022. Raw Materials Inventory 7/1/21 Raw Materials Inventory 6/30/22 Finished Goods Inventory 7/1/21 Finished Goods Inventory 6/30/22 Work in Process Inventory 7/1/21 Work in Process Inventory 6/30/22 Direct Labor Indirect Labor $51,100 41,600 96,800 27,800 21,300 27,900 144,350 26,360 Accounts Receivable Factory Insurance Factory Machinery Depreciation Factory Utilities Office Utilities Expense Sales Revenue Sales Discounts Factory Manager's Salary Factory Property Taxes Factory Repairs Raw Materials Purchases Cash $34,600 5,200 16,800 29,700 9,550 563,900 4,600 64,300 9,610 2,500 97,200 37,900 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.)
Variance Analysis
In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.
Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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The following data were taken from the records of Kingbird Company for the fiscal year ended June 30, 2022.
Raw Materials Inventory 7/1/21
Raw Materials Inventory 6/30/22
Finished Goods Inventory 7/1/21
Finished Goods Inventory 6/30/22
Work in Process Inventory 7/1/21
Work in Process Inventory 6/30/22
Direct Labor
Indirect Labor
$51,100
41,600
96,800
27,800
21,300
27,900
144,350
26,360
Accounts Receivable
Factory Insurance
Factory Machinery Depreciation
Factory Utilities
Office Utilities Expense
Sales Revenue
Sales Discounts
Factory Manager's Salary
Factory Property Taxes
Factory Repairs
Raw Materials Purchases
Cash
$34,600
$
5,200
16,800
29,700
9,550
563,900
4,600
64,300
KINGBIRD COMPANY
Cost of Goods Manufactured Schedule
9,610
2,500
97,200
37,900
Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.)
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:
KINGBIRD COMPANY
Income Statement (Partial)
$
Prepare the current assets section of the balance sheet at June 30, 2022. (List Current Assets in order of liquidity.)
KINGBIRD COMPANY
Balance Sheet (Partial)
ASSETS
$
$
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