The following data were taken from the records of Metlock Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 Raw Materials Inventory 6/30/25 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 Work in Process Inventory 7/1/24 Work in Process Inventory 6/30/25 Direct Labor Indirect Labor $53,000 6 48,400 97,400 23,100 28,000 27,100 143,150 25,760 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 11 $32,700 METI O CONDARIV 4,800 18,600 30,500 8,750 563,100 5,000 64,200 9,610 1,700 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials) 97,000 41,000 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) METLOCK COMPANY Cost of Goods Manufactured Schedule
The following data were taken from the records of Metlock Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 Raw Materials Inventory 6/30/25 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 Work in Process Inventory 7/1/24 Work in Process Inventory 6/30/25 Direct Labor Indirect Labor $53,000 6 48,400 97,400 23,100 28,000 27,100 143,150 25,760 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 11 $32,700 METI O CONDARIV 4,800 18,600 30,500 8,750 563,100 5,000 64,200 9,610 1,700 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials) 97,000 41,000 Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) METLOCK COMPANY Cost of Goods Manufactured Schedule
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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Transcribed Image Text:The following data were taken from the records of Metlock Company for the fiscal year ended June 30, 2025.
Raw Materials Inventory 7/1/24
Raw Materials Inventory 6/30/25
Finished Goods Inventory 7/1/24
Finished Goods Inventory 6/30/25
Work in Process Inventory 7/1/24
Work in Process Inventory 6/30/25
Direct Labor
Indirect Labor
$53,000
48,400
97,400
23,100
28,000
27,100
143.150
25,760
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
$32,700
METI ACY COMPANY
4,800
18,600
30,500
8,750
563,100
5,000
64,200
9,610
1,700
97,000
41,000
Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.)
Prepare a cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.)
METLOCK COMPANY
Cost of Goods Manufactured Schedule
Transcribed Image Text:3
Prepare an income statement through gross profit.
Pa
eTextbook and Media
List of Accounts
METLOCK COMPANY
Income Statement (Partial)
Prepare the current assets section of the balance sheet at June 30, 2025. (List Current Assets in order of liquidity)
METLOCK COMPANY
Balance Sheet (Partial)
ASSETS
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