The following data were taken from the records of Vaughn Company for the fiscal year ended June 30, 2020.Raw Materials Inventory 7/1/19 $51,500 Factory Insurance $5,400Raw Materials Inventory 6/30/20 47,900 Factory Machinery Depreciation 17,200Finished Goods Inventory 7/1/19 98,100 Factory Utilities 29,000Finished Goods Inventory 6/30/20 27,700 Office Utilities Expense 9,050Work in Process Inventory 7/1/19 25,200 Sales Revenue 561,600Work in Process Inventory 6/30/20 21,000 Sales Discounts 4,900Direct Labor 145,850 Plant Manager’s Salary 61,200Indirect Labor 25,260 Factory Property Taxes 9,710Accounts Receivable 35,200 Factory Repairs 1,700 Raw Materials Purchases 98,500 Cash 37,2001. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

Name: The following data were taken from the records of Vaughn Company for t
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: The following data were taken from the records of Vaughn Company for the fiscal year ended June 30, 2020.Raw Materials Inventory 7/1/19 $51,500 Factory Insurance $5,400Raw Materials Inventory 6/30/20 47,900 Factory Machinery Depreciation 17,200Finish

The cost of goods manufactured is calculated by adding the direct materials cost, direct labor, and…

Answered: The following data were taken from the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

The following data were taken from the records of Vaughn Company for the fiscal year ended June 30, 2020.

Raw Materials Inventory 7/1/19	$51,500	Factory Insurance	$5,400
Raw Materials Inventory 6/30/20	47,900	Factory Machinery Depreciation	17,200
Finished Goods Inventory 7/1/19	98,100	Factory Utilities	29,000
Finished Goods Inventory 6/30/20	27,700	Office Utilities Expense	9,050
Work in Process Inventory 7/1/19	25,200	Sales Revenue	561,600
Work in Process Inventory 6/30/20	21,000	Sales Discounts	4,900
Direct Labor	145,850	Plant Manager’s Salary	61,200
Indirect Labor	25,260	Factory Property Taxes	9,710
Accounts Receivable	35,200	Factory Repairs	1,700
		Raw Materials Purchases	98,500
		Cash	37,200

1. Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.)

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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