Question 5 The following selected account balances are provided for Delray Mfg.Sales$ 1,250,000Raw materials inventory, Dec. 31, 2016Work in process inventory, Dec. 31, 2016Finished goods inventory, Dec. 31, 2016Raw materials purchases37,00053,90062,750175,600Direct labor225,000Factory computer supplies used17,840Indirect labor47,000Repairs-Factory equipmentRent cost of factory buildingAdvertising expenseGeneral and administrative expenses5,25057,00094,000129,300Raw materials inventory, Dec. 31, 2017Work in process inventory, Dec. 31, 2017Finished goods inventory, Dec. 31, 201742,70041,50067,300 Prepare its schedule of cost of goods manufactured for the year ended December 31, 2017.DELRAY MFG.Schedule of Cost of Goods ManufacturedFor Year Ended December 31, 2017Direct materials:Raw materials available for useDirect materials usedFactory overhead:Total factory overhead costsTotal manufacturing costsTotal cost of work in processCost of goods manufactured

The cost of goods manufactured is a combination of material consumed. direct labor and factory…

The following selected account balances are provided for Delray Mfg. $ 1,250,000 37,000 53,900 Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 62,750 175,600 225,000 17,840 47,000 5,250 57,000 94,000 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses 129,300 42,700 41,500 67,300 Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017

The following selected account balances are provided for Delray Mfg. $ 1,250,000 37,000 53,900 Sales Raw materials inventory, Dec. 31, 2016 Work in process inventory, Dec. 31, 2016 62,750 175,600 225,000 17,840 47,000 5,250 57,000 94,000 Finished goods inventory, Dec. 31, 2016 Raw materials purchases Direct labor Factory computer supplies used Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses 129,300 42,700 41,500 67,300 Raw materials inventory, Dec. 31, 2017 Work in process inventory, Dec. 31, 2017 Finished goods inventory, Dec. 31, 2017

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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