The following selected account balances are provided for Delray Mfg. Sales $ 1,044,000 Raw materials inventory, beginning 41,000 Work in process inventory, beginning 55,100 Finished goods inventory, beginning 60,900 Raw materials purchases 193,100 Direct labor 227,000 Factory supplies used (indirect materials) 18,500 Indirect labor 46,000 Repairs—Factory equipment 5,250 Rent cost of factory building 54,000 expense 103,000 General and administrative expenses 128,000 Raw materials inventory, ending 41,900 Work in process inventory, ending 41,000 Finished goods inventory, ending 69,100
The following selected account balances are provided for Delray Mfg. Sales $ 1,044,000 Raw materials inventory, beginning 41,000 Work in process inventory, beginning 55,100 Finished goods inventory, beginning 60,900 Raw materials purchases 193,100 Direct labor 227,000 Factory supplies used (indirect materials) 18,500 Indirect labor 46,000 Repairs—Factory equipment 5,250 Rent cost of factory building 54,000 expense 103,000 General and administrative expenses 128,000 Raw materials inventory, ending 41,900 Work in process inventory, ending 41,000 Finished goods inventory, ending 69,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Can you show me steps on how to prepare a cost of goods manufatures for the current year December 31?
Thanks carlos
The following selected account balances are provided for Delray Mfg.
| Sales | $ | 1,044,000 |
| Raw materials inventory, beginning | 41,000 | |
| Work in process inventory, beginning | 55,100 | |
| Finished goods inventory, beginning | 60,900 | |
| Raw materials purchases | 193,100 | |
| Direct labor | 227,000 | |
| Factory supplies used (indirect materials) | 18,500 | |
| Indirect labor | 46,000 | |
| Repairs—Factory equipment | 5,250 | |
| Rent cost of factory building | 54,000 | |
|
expense |
103,000 | |
| General and administrative expenses | 128,000 | |
| Raw materials inventory, ending | 41,900 | |
| Work in process inventory, ending | 41,000 | |
| Finished goods inventory, ending | 69,100 | |
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